Doing Business in Cyprus (Saudi edition)

TheProfilerGroup

DOING BUSINESS

CYPRUS

SAUDI ARABIA EDITION

DOING BUSINESS C YPRUS

2


TheProfilerGroup

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Victoria Vasiliou

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PUBLICATION DATE

September 2022

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Contents

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73

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CYPRUS AT A GLANCE

Key Facts & Figures

COUNTRY OVERVIEW

Cyprus: Work-Life Balance

INSIGHT

Minister of Energy, Commerce, and Industry Natasa Pilides

FOREIGN DIRECT INVESTMENT

Investment Gateway

INSIGHT

Minister of Foreign Affairs Ioannis Kasoulides

INTERVIEW

Ambassador of the Kingdom of Saudi Arabia to the Republic of Cyprus

Khaled Mohammed Alsharif

INTERVIEW

Ambassador of the Republic of Cyprus to the Kingdom of Saudi Arabia

Stavros Avgoustides

SPOTLIGHT

Cyprus Real Estate

PROPERTY SHOWCASE

Leading Developments in Cyprus

INSIGHT

CEO of Invest Cyprus George Campanellas

INCENTIVES

New Government Action Plan

INCENTIVES

Cyprus-Saudi Arabia Business Association President Demos Anastassiou

BUSINESS OPERATING ENVIRONMENT

Business operating environment guide including taxation, business

costs, commercial and residential property, and salary survey

TAXATION

Tax and Regulatory Regime of Cyprus

WHO’S WHO IN CYPRUS

The definitive guide to Cyprus’ leading companies,

executives, and professional advisors

There are new

competitors with a

fresh vision.

Is your company agile enough

to outpace them?

Using innovative tools, thinking and

frameworks, KPMG can help adapt your

business in the face of constant disruption.

Learn more at kpmg.com.cy

©2022 KPMG Limited, a Cyprus limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee. All rights reserved.

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.


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Cyprus at a Glance

Lying at the crossroads of Europe, Asia and Africa, Cyprus has long served as a

major eastern trading post. It is a small country, but the third largest island in

the Mediterranean Sea and shares a maritime border with Egypt 300km to the

south, Lebanon 108km to the east and Turkey 71km to the north, while mainland

Greece lies 800km to the north-west. With 10,000 years of history, the island’s

strategic location has long made it a jewel in the crown of the powers of the day.

PAPHOS

(Pafos)

101,900

Paphos

International

Airport

LIMASSOL

(Lemesos)

258,900

NICOSIA

(Lefkosia)

351,600

Larnaca

International

Airport

LARNACA

(Larnaka)

154,200

35ºN

33ºE

FAMAGUSTA

(Ammochostos)

51,500


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CYPRUS

DATA

MEMBERSHIPS

EU & Eurozone

World Trade

Organization

United Nations

Council of Europe

Commonwealth

World Bank & IMF

RELIGION

89.1%

Greek Orthodox

2.9% Roman Catholic

2.0% Protestant/Anglican

1.8% Muslim

1.7% Unknown/Atheist

1.0% Buddhist

1.5% Other

TOTAL POPULATION

918,100

Republic of Cyprus

79%

Cypriot

21%

Non-Cypriot

OFFICIAL LANGUAGES

Greek &

Turkish

(business generally

conducted in English)

TIME

+2 Hours

ahead of GMT

SUNSHINE

340 days

of sunshine/year

AREA & SIZE

9,251 km 2

(3,355 km 2 in the

occupied area)

POPULATION DENSITY

132

(persons per km 2 )

MEDIAN AGE

38

CURRENCY

Euro (€)

RAINFALL

503 mm

average annual

AVERAGE TEMPERATURE

+13ºC

Winter

+34ºC

Summer

MAIN MEDIA

Cyprus Mail

Phileleftheros

Politis

CyBC


8


CYPRUS

BUSINESS

FIGURES

TOTAL GDP

€23.4

billion

(2021)

GDP PER CAPITA

€26,031

(2021)

12.3%

Taxes & Subsidies

5.4%

Construction

7.5%

Mining, manufacturing,

electricity & water

GDP

BY SECTOR

73.1%

Services

1.8%

Agriculture,

forestry & fishing

UNEMPLOYMENT

7.5%

(2021)

GDP GROWTH

5.5%

(2021)

INFLATION

2.3%

(2021)

INTERNATIONAL RANKINGS

Standard & Poor’s

BBB

CORPORATE

TAX RATE

12.5%

TIME TO START

UP A BUSINESS

1.3 days

ACCOUNTING

STANDARD

IFRS

Fitch

BBB- Moody’s

Ba1

(September 2022)

MAIN TRADING PARTNERS

UK

Germany

Italy

France

Israel

Greece

China

CRIME

0.9 per

100 persons

Cyprus is the safest

country in the world for

young people out of

184 countries across

the globe.

Aboveall

Your ultimate destination

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for more information on our properties.

Prime location & design

Right on the seafront, in the city centre.

The only place to live, work and play

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Unrivalled facilities & services

Indoor leisure retreats, an outdoor oasis,

and a thriving plaza with restaurants,

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on-site management, concierge

and rental services.

Renowned credibility

Reputable local and international

experts in high-rise development with

a proven history and track record.

We deliver on our promise!

Excellent value

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SHOW APARTMENT


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COUNTRY OVERVIEW

Cyprus: Work-Life Balance

Renowned since antiquity, Cyprus has reinvented

itself multiple times and is going through another

exciting transformation today. The island nation has

big ambitions to diversify its economy by placing

innovation at its core, while it continues to attract

professional expats and foreign investors to its

shores thanks to its relaxed lifestyle coupled with

bourgeoning prospects in multiple sectors.

L

ocated in the eastern Mediterranean at the crossroads of Europe, the Middle East

and Africa, Cyprus’ strategic position has always played a key role in shaping its

10,000-year history and in developing the island into a convenient centre for trade

and international business. Despite being a country of less than a million people,

the Republic of Cyprus has steadily built itself into a thriving business centre over

the decades. An EU and eurozone member for over a decade, and with one of the

highest educated populations in Europe, Cyprus has built a strong service-based

economy. Its low-cost business environment with a wealth of support services, a

sophisticated ICT infrastructure and investor-friendly tax regime – backed up by an

extensive network of double taxation agreements with 67 countries – has developed

Cyprus into an important European and regional financial and business services

hub. The country is also one of Europe’s favourite holiday destinations, enjoying

340 days of glorious sunshine a year and boasts a beautiful coastline teeming with


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stretches of golden sand, secluded bays and rocky coves, all surrounded by some of

the cleanest beaches and waters in the Mediterranean Sea. The landscape is dotted

with the fascinating remains of history, from Neolithic settlements and ancient citykingdoms

to exquisite Byzantine art and magnificent Venetian architecture. Add to

this the vibrant and cosmopolitan lifestyle where East meets West, Cyprus offers the

perfect balance between business and leisure.

PEOPLE & CULTURE

While the Republic of Cyprus is a

Greek-speaking nation, English

is almost universally spoken and is the

language of international business.

German, French and Russian speakers

are also easily found, thanks to the high

number of Cypriots with international

degrees, the country’s commercial ties

with the global business community,

and the island’s popularity as a tourist

destination. Cyprus is well known for its

hospitality, a fact reflected in the Greek

word, xenos, used for both stranger and

guest. Life is meant to be enjoyed in

Cyprus, which is renowned for its excellent quality of life. Cafe culture predominates,

with both business and social meetings taking place over a leisurely frappe (iced

coffee) in the numerous cafes in every town and city. As with most Mediterranean

cultures, food also plays a vital role in family and social life. The famous Cyprus meze

– a large selection of small, delectable dishes – is best enjoyed siga siga (slowly) and

al fresco.

Cyprus has a resilient economy that

has time and time again proven

its capacity to adjust to continuously

changing conditions and bounce

back from external shocks. Before its

independence from the UK in 1960, the

Cyprus economy was primarily based on

agriculture and the export of minerals.

However, in the last few decades the

country has established itself as a serious

international business and service centre

for shipping, financial services and

commerce, and is classified by the World

Bank as a high-income country. The

island’s accession to the EU in 2004 with

I

Offering a tax-efficient

EU company domicile, the

country is also emerging as

a compelling destination for

regional headquarters and

a base for tech companies,

as well as an increasingly

attractive location for fund

managers and promoters

RESILIENT EU ECONOMY

the subsequent adoption of the euro in 2008, was the catalyst for its transformation into

a competitive financial and business services hub. Following the country’s financial


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crisis in 2013, Cyprus undertook a major

reform agenda and while still facing

some economic challenges, the small

EU nation has demonstrated resilience

and an ability to bounce back to growth.

The year 2015 signalled a sooner-thanexpected

exit from recession and a rapid

economic turnaround followed, with 2017

recording almost 4% growth – earning

Cyprus praise as an economic success

story. Cyprus’ resilience in the face of the

pandemic was once again evident with

GDP growth reaching a strong 5.5% in

2021, although the European Commission

forecasts a downturn to 3.2% growth in

2022. Consistent credit rating upgrades

have further boosted confidence and

foreign direct investment has been

flowing into all key sectors. Cyprus has

retained and strengthened its status as an

attractive investment gateway to the EU

and other high-growth markets, as well

as a secure base to tap into opportunities

in the Middle East. Offering a tax-efficient

EU company domicile, the country is also

emerging as a compelling destination

for regional headquarters and a base for

tech companies, as well as an increasingly

attractive location for fund managers and

promoters.

GROWING INVESTMENT FUND SECTOR

Cyprus has big ambitions in the

investment funds sector to establish

itself as a contender in the global asset

management industry. The steady growth

in both Assets under Management and in

the number of fund structures licensed

and active in Cyprus have underlined

the strength and appeal of the novice

domicile. Assets under Management

(AuM) have seen a formidable increase

from €2.7 billion in 2016 to €11.1 billion in

the first quarter of 2022, showing that it is

not the sector’s size but its fast growth that

has impressed, and is being recognised

by the global asset management and

investor community. Investment funds

CYPRUS FACTS

& FIGURES

EU Member since 2004,

Eurozone member since 2008

Cyprus’ maritime sector accounts

for €1 billion in annual revenue and

is around 7% of the island’s GDP

Cyprus is an established

international business and service

centre for shipping, financial

services and commerce, and is

classified by the World Bank as

a high-income country

Investment funds have already

invested more than €2 billion

in several sectors of the Cypriot

economy, such as shipping,

hospitality, education, healthcare,

and renewable energy


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have already invested more than €2 billion in several sectors of the Cypriot economy,

such as shipping, hospitality, education, healthcare, and renewable energy. Cyprus

offers both EU-regulated Undertakings of Collective Investment in Transferable

Securities (UCITS) and Alternative Investment Funds (AIFs). In July 2018, the country

upgraded its AIF framework and introduced Registered AIFs (RAIFs), which do not

require authorisation by the supervising Cyprus Securities and Exchange Commission

(CySEC) to commence operations provided they are externally managed by an

Alternative Investment Fund Manager (AIFM) based in Cyprus or another EU country.

The upgraded legislation has been hailed ‘ground-breaking’ and offers a significantly

more time- and cost-efficient means of establishing AIFs in Cyprus. Today, the majority

of alternative investment funds in Cyprus are of a small and medium size and focus

on debt and equity securities, real estate and private equity. However, Cyprus has also

attracted larger funds including one with assets of €500 million under management.

The number of alternative investment funds has more than doubled in the last five

years and foreign UCITS are now widely marketed in Cyprus, including ones promoted

by international financial institutions such as JP Morgan, UBS and Julius Baer.

GLOBAL SHIPPING HUB

major success story for Cyprus has been the maritime sector, which accounts for

A around €1 billion in annual revenue and approximately 7% of the island’s GDP

– and of this figure, shipmanagement alone accounts for 5%. Apart from offering

shipmanagement and business services to the industry, the Cyprus Registry is

classified as the third largest merchant fleet in the European Union and the 11 th largest

in the world. The country is also the EU’s largest shipmanagement centre and amongst

the top three in the world. The sector has seen growth in the past few years and Cyprus

is currently looking at restructuring the commercial shipping sector to strengthen its

competitive edge. Since introducing an advantageous EU-approved tonnage tax system

in 2010, the island has continued to attract increasing numbers of shipping companies

from across the world. The country’s maritime capital, Limassol, is home to some of the

most influential names in shipping today managing around 20% of the world’s thirdparty

managed fleet.

I

Apart from offering shipmanagement and

business services to the industry, the

Cyprus Registry is classified as the third

largest merchant fleet in the European

Union and the 11th largest in the world.


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Apart from the sun and the sea,

Cyprus has few natural resources

and has been dependent on oil imports

to satisfy its energy demands. However,

the substantial discovery of natural gas

and potential oil deposits in Cyprus’

Exclusive Economic Zone (EEZ) in

the Mediterranean Sea is expected to

change all this. Exploratory drillings by

global energy giants have confirmed

natural gas reserves that could meet

Cyprus’ domestic gas demand for over

EAST MED ENERGY CENTRE

IThe country’s top-tier

universities and research

institutes are also playing a

pivotal part in these efforts

to create a more sustainable

energy mix through innovation

in smart tech and research in

ways to battle climate change

100 years, and a surplus for export. The

hydrocarbons race in Cyprus’ waters has attracted international energy heavyweights,

such as Total, ENI, Kogas, Royal Dutch Shell, and ExxonMobil to explore the island’s

waters for new discoveries and multiple auxiliary services companies have set up

to support these efforts. With 340 days of sunshine to harness, solar energy has also

become a bit of a boom segment for Cyprus recently. The government is placing strong

focus on renewable energy and working towards achieving a zero-carbon economy.

The country’s top-tier universities and research institutes are also playing a pivotal role

in these efforts to create a more sustainable energy mix through innovation in smart

tech and research in ways to battle climate change.

TECH AND INNOVATION TAKING THE LEAD

The technology space in Cyprus is seeing a fresh boost with more state support to the

sector, the launch of new national strategies to integrate innovative tech, and fresh

incentives to attract more digital nomads, IT start-ups and regional headquarters. With

its new focus on long-term development outcomes, Cyprus is determined to diversify

and harness growth with a technology-driven economy. The biggest spender by far on

IT in Cyprus is the financial sector, followed by the telecoms providers and the public

service. Albeit one of the smallest EU member states, research and development is an

area where Cyprus punches well above its weight. Unprecedented investment into the

sector and ground-breaking projects are establishing this small island, not only as an

innovation and research hub, but as a regional centre of excellence providing strong

links with the global scientific and technical innovation community.

POPULAR TOURISM DESTINATION

Tourism has been a key driving force of the Cypriot economy for decades, and pre-

Covid the country saw consecutive years of record-breaking numbers of tourist

arrivals and revenue. Although the pandemic temporarily stifled the thriving sector,

tourist arrival figures are rebounding and new projects currently underway are

set to strengthen and upgrade Cyprus’ tourism product and encourage more yearround

visitors, a strategy Cyprus is fully committed to. These projects range from the

construction of new golf courses, luxury marina developments and the upgrading of

the island’s wellness and medical tourism product. A new and exciting prospect is the


15


Kourion

current construction of the Republic’s first-ever luxury casino resort. The €600 million

integrated resort, run by a consortium with renowned Hong Kong player Melco, will

exceed five-star status and open a whole new market for niche tourism on the island.

ATTRACTIVE REAL ESTATE

The Cyprus real estate sector was showing strong market performance straight

through to 2019, but 2020 marked a turning point as the pandemic hit worldwide.

However, by October 2021, sales to the European market increased 68% and 2022

has shown dynamic momentum in sales so far. Cyprus’ appeal has remained strong

amongst international investors, expats and retirees thanks to its Mediterranean

climate, high quality of life and safety, as well as its status as an EU member state

conveniently located between three continents. Cyprus has one of the highest home

ownership rates in Europe and also has a longstanding market for second homes and

holiday villas, making the economy heavily reliant on the sector. With new up-market

developments, increased foreign investment in top hotels and major infrastructure

projects springing up, Cyprus’ attractiveness as a property investment location is set to

grow in the coming years.

Limassol Marina


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FDI APPEAL

Cyprus’ FDI appeal has been on an upward trajectory thanks to a robust economy.

Real GDP growth averaged 4.6% in 2015-19 and in 2021 the economy showed

strong performance with 5.5% growth, regaining lost ground from the height of the

Covid-19 pandemic. For the last several years, Cyprus has been a hive of activity with

several notable projects already implemented or in the pipeline, strengthening the

country’s image and appeal. Foreign investment flows have been significant. In the

ten-year period 2011-2020, cumulative net FDI reached €22.2 billion. This investment

was driven by equity, with the shipping/shipping finance and real estate sectors

playing a significant role, while investment in communications is now also beginning

to gain importance. Ongoing improvements in the macroeconomic and financial

environment have also revived international interest in around 30 major development

projects on the island. Investment opportunities in Cyprus’ large-scale projects span

various sectors, including high-value tourism and housing developments, projects with

a special focus on golf courses and luxury marinas, as well as education, energy, and

more recently the international film sector. The growth performance of Cyprus over

the last five years has been exceptional and even exceeded international expectations,

while successive credit rating upgrades and new incentives have attracted billions in

foreign investment since 2015, with significant inflows from the US, Asia, Russia and the

Middle East. Cyprus’ liberalised Foreign Direct Investment Policy, both for EU citizens

and investors from third countries, along with its favourable tax regime makes it one of

the most attractive centres for FDI in Europe.

Parklane Limassol

A DIVERSIFIED FUTURE

Offering a professional yet relaxed atmosphere that makes doing business

pleasurable as well as profitable, Cyprus’ Mediterranean lifestyle coexists happily

with a cutting-edge international business hub, allowing investors to enjoy the best of

both worlds: a safe and comfortable environment for family life and a sophisticated

infrastructure from which to grow and develop business. Cyprus combines numerous

advantages as a business base with its EU-approved tax regime, competitive 12.5%

corporate tax rate and tax breaks for high earners, its pro-business government

and highly skilled workforce – as well as promising growth and development across

numerous economic sectors. With Cyprus’ prospects on the rise, the country has all the

right elements firmly in place to strengthen its reputation as an international centre of

business excellence in one of Europe’s most interesting investment locations. n

THERE IS A PLACE WHERE…

you have a local partner

on the ground.

As the national investment authority, Invest

Cyprus acts as a single point of contact and one

stop shop for existing and potential investors.

Our dedicated team provides after care and

facilitation services, including supporting you in

site selection, setting up offices, staff immigration

and relocation procedures while continuing to

grow its extensive portfolio of available

projects and investment opportunities.

www.investcyprus.org.cy


18


INSIGHT

Minister of Energy, Commerce and Industry

Natasa Pilides


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Cyprus and Saudi Arabia are currently deepening their

bilateral ties in terms of trade and investment. Which

sectors of the Cyprus economy could provide the most

investment potential for Saudi Arabia at the moment?

How can Cyprus facilitate more business and make

itself even more attractive to Saudi investors?

The bilateral ties between Cyprus and Saudi Arabia have certainly come a long way

in recent years. In fact, the two countries are constantly growing closer, especially

following the creation of the Cyprus-Saudi Business Association and, more recently,

with the visit to the Kingdom of Saudi Arabia, in March 2022, of the President of the

Republic of Cyprus, Nicos Anastasiades, for official talks with His Royal Highness Prince

Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister

and Minister of Defence.

The whole spectrum of bilateral relations, as well as ways to develop them further,

were reviewed during the visit, along with the mutual strategic pursuit of creating a

fertile and motivating environment for bilateral investment, in several sectors. This

could be achieved through launching several joint initiatives, including in the fields of

civil aviation, energy, maritime and air transport, ports, food, medicine, digitalisation,

cyber security and financial services.

Significant potential exists for both countries to enjoy sizable benefits from such

bilateral collaborations. In this regard, the Republic of Cyprus and the Kingdom of

Saudi Arabia are working together towards promoting a series of bilateral trade and

investment agreements.

Cyprus welcomes the Kingdom’s launch of the Saudi Green and the Middle East

Green Initiatives. Opportunities for cooperation in implementing Saudi Vision

2030 and Cyprus Vision 2035, are in fact immense, as joint projects are possible in a

number of energy related fields, such as petrochemicals, energy efficiency, electricity

production, renewable energy, clean technologies for hydrocarbons, and low-carbon

fuels, including hydrogen.

Being a robust tourist destination,

Cyprus has attracted the interest of

leading investment groups to expand their

international presence in the country. The

National Tourism Strategy 2030 provides

for several investment opportunities,

including development in mountain and

remote regions, and involves diversifying

the country’s offering in order to promote

sustainable tourism.

Moreover, the combination of a robust

private health sector and internationally

acclaimed medical research and health

professionals, as well as the roll-out of a

ISignificant potential exists for

both countries to enjoy sizable

benefits from such bilateral

collaborations. In this regard,

the Republic of Cyprus and

the Kingdom of Saudi Arabia

are working together towards

promoting a series of bilateral

trade and investment agreements.


20


new national health system, open up investment opportunities in the field of healthcare

and medical tourism.

Cyprus, as one of the first EU countries to transpose the Alternative Investment

Fund Managers Directive into national legislation and having ratified the national

Alternative Investment Funds Law, is an ideal jurisdiction for investment funds and

asset management companies, offering direct access to key markets in a very efficient

manner.

I

At the crossroads of Europe, North

At the crossroads of Europe,

Africa and Asia and being the closest EU

country to Saudi Arabia, Cyprus can serve North Africa and Asia and

as an ideal location for Saudi businesses

being the closest EU country

to establish their European and

international headquarters. In addition to Saudi Arabia, Cyprus can

to ease of access to the EU market and

serve as an ideal location

beyond, these businesses can also

benefit from Cyprus’ modern, simple and for Saudi businesses to

transparent tax and legal systems and the

establish their European and

high quality of professional and financial

services offered, conducive to doing international headquarters.

business and increasing international

competitiveness.

True to its business-orientated culture and constantly seeking to facilitate the ease

of doing business on the island, the Republic of Cyprus has also launched, in 2022, the

Business Facilitation Unit, through which business set-up, licensing and permitting

is fast-tracked. In addition, Cyprus has introduced new residence and employment

policies for highly skilled third country nationals. n


22


FOREIGN DIRECT INVESTMENT

Investment Gateway

Cyprus has attracted formidable foreign

investment from around the world with billions

flowing into new projects in multiple sectors,

proving the island nation continues to have a

strong pull factor with global investors.

Cyprus has been a hive of activity in recent years, with several notable projects

already implemented or in the pipeline, strengthening the country’s image and

foreign direct investment (FDI) appeal. Large-scale real estate projects, luxury marinas

and tourism infrastructure, coupled with developing opportunities in the energy, asset

management and shipping sectors have all reinforced Cyprus’ status as an interesting

investment destination.

An added benefit of Cyprus is its geostrategic location and secure and stable EU

environment in an often-turbulent region. These factors coupled with the introduction

of new incentives are encouraging increasing numbers of companies from across

the world to set up headquarters on the island, solidifying its position as an attractive

gateway to both established and developing markets. More recently, Cyprus has also

started to gain serious traction in attracting more innovative high-tech organisations

to set up on its shores – rebranding itself as an emerging tech hub.


23


EXCEEDING EXPECTATIONS

Successive credit rating upgrades over the years and the continuous introduction

of new incentives have attracted billions in foreign investment to Cyprus, with

substantial inflows from the US, Asia, the Middle East and Eastern Europe. The sectors

that have seen the most significant FDI so far are: finance, most notably in shipping;

real estate in new luxury developments and infrastructure projects; information and

communication; retail trade; and professional services, in particular head-office

activities.

Although having faced some serious

economic shocks over the last ten years,

the resilience and growth performance

of Cyprus has been exceptional and even

exceeded international expectations.

Real GDP growth averaged 5.3% in 2015-

19, and while 2020 marked a critical

downturn due to the Covid-19 pandemic, 2021 saw a strong rebound with growth

bouncing back to 5.5%. Foreign investment flows have been significant. In the tenyear

period 2012-2021, net inflows reached almost €18 billion. This investment was

driven by equity, with the shipping/shipping finance and real estate sectors playing

an important role.

GROWING TECH INVESTMENT

The technology and communications sector in Cyprus has become fiercely

competitive, with a number of players deploying cutting edge solutions to both

increase their local market share and generate growth through the launch of new

technology and products. 5G was rolled out in 2021, making Cyprus the first EU state to

achieve 100% 5G coverage.

Cyprus is already home to a number

of major tech firms, such as NCR,

Amdocs, Wargaming, 3CX, Exness,

Bolt, Thomson Reuters, Melsoft Games,

and Nexters, and has gained ground

in successfully attracting investment

capital in blockchain. The country’s startup

community has also grown stronger

with more than 200 enterprises and

4,000 entrepreneurs, fostering more

opportunities for business angels and

venture capitalists looking to invest

risk capital in exchange for equity in

promising business ideas. In addition, a

key attraction for high-tech companies

is the Cyprus Intellectual IP Box Regime,

I5G was rolled out in 2021, making

Cyprus the first EU state to achieve

100% coverage

IIn the ten-year period 2012-2021,

net inflows reached almost

€18 billion

which provides a competitive maximum

tax rate of 2.5% on income earned from

IP assets. Cyprus’ regime also applies to

a wider range of income compared to


24


other European schemes, most of which restrict benefits to income from patents and

supplementary patent certificates.

2022 saw more global names invest in Cyprus, with European digital neobanking

platform Revolut, valued at US$33 billion, becoming the first entity to receive approval

as a crypto-asset service provider from the Cyprus regulator. The authorisation

will enable Revolut to offer crypto services to its 17 million customers in the EEA

out of a new crypto-asset hub in Cyprus. Revolut said its choice was down to the

sophisticated regulatory regime of the country, which has already attracted the likes

of Crypto.com, eToro and BitPanda. A leading US consumer services and applications

software provider, TangoMe, also announced plans to launch offices in Cyprus. The

internationally renowned tech company, with an annual revenue of around US$350

million, will establish a strong presence in Limassol with a sizeable number of

employees relocating to Cyprus.

Another project set to bolster Cyprus’ efforts to become a regional telecoms and data

hub and attract more investment, was Cyprus’ leading telecoms provider Cyta signing

a €850 million venture with Greece and Saudi Arabia for the construction of the East

Med Corridor (EMC) for a global digital highway linking Europe with Asia. In addition,

the modernisation of state infrastructure and speeding up the adoption of cloud

services in Cyprus were key targets of the signing of a Memorandum of Understanding

with Amazon Web Services (AWS) in 2022, a collaboration that will open up a new era

of opportunities.

INVESTING IN EDUCATION

Cyprus is developing into a regional

education and knowledge hub with

the rapid expansion of tertiary education

and its universities steadily climbing up

global rankings. The country has already

established synergies with international

universities, most notably the University

of Nicosia launching the island’s first degree

programme in medicine in collaboration

with St George’s Medical School at

the University of London, and University

of Central Lancashire – Cyprus (UCLan),

IThe number of foreign

students choosing Cyprus

for their studies has almost

tripled in the last five years,

representing over 60 different

countries and supporting the

growth of Cyprus into a true

global educational centre


25


18th

á 50 PLACES

Cyprus ranked in 18th place in the

2021 Greenfield FDI Performance

Index, climbing 50 places

compared to the year before

á150%

Greenfield investments in Cyprus

rose by 150% in the first half of 2022

from the same period of 2019

Top 10

Cyprus is in the top10

ranking of countries that

stand out for the post-pandemic

investment recovery

á600%

increase in software and

IT investments in Cyprus

between 2019 and 2022

Source: FDI Intelligence

Source: FDI Intelligence

CUMULATIVE FDI LIABILITIES (INVESTMENTS) BY SECTOR 2016-2020

Sector

€/Billion

Finance & Insurance 41.7

Real Estate 4.8

Information & Communication 1.4

Professional Scientific & Technical 1.3

Total (including others) 52.7

being the first British university to establish a campus on the island. This has since

been followed by the announcement of the American University of Beirut (AUB) to establish

a €29 million campus in Paphos in 2023 – branded the American University of

Beirut-Mediterraneo. The aim is to accommodate over 2,000 students in the coming

years.

Cyprus hosts an impressive and

fast-growing R&I ecosystem, featuring

high quality academic and research institutions

and six Centres of Excellence (CoE).

The Cyprus Institute has established itself

as a significant research institute with

global networks of excellence supported

by significant EU funding. The number

ICyprus hosts an impressive and

fast-growing R&I ecosystem,

featuring high quality academic

and research institutions and

six Centres of Excellence (CoE)

of foreign students choosing Cyprus for their studies has almost tripled in the last five

years, representing over 60 different countries and supporting the growth of Cyprus

into a true global educational centre. This fact underlines the great opportunities that

exist in Cyprus for the establishment of new universities, colleges and institutes.


26


PORTS AND SHIPPING

The 2017 commercialisation of the country’s largest port in Limassol marked a new

era for Cyprus as a commercial hub. The port privatisation came in the context of

the first discovery of natural gas in 2011, the launch of the €300 million VTTV oil trading

terminal in 2014, and a dedicated Shipping Deputy Minister in 2018. The privatisation

deal with Eurogate International GmbH and leading Emirati logistics giant DP World

Limited is expected to boost state coffers with €2 billion over the next 25 years, while

the new port operators have injected millions in upgrading services and infrastructure.

The more recent contract for the Larnaca

port and marina was signed with

a Cypriot-Israeli consortium, Eldeman

Holding BV and Alexandrou Corporate

Services Ltd, in late 2020 and is expected

to attract around €1.2 billion in construction

and real estate development – making

it one of the biggest infrastructure investments

to date in Cyprus.

One of Cyprus’ most successful export

services has been the maritime industry.

The growth of Cyprus’ resident shipping

sector over the past 50 years has developed

IThere has been a fivefold

increase in the number of

shipping companies that have

registered with Cyprus’

specialised shipping

taxation system

boosting the sector’s

revenue by around 25%

a strong maritime cluster that caters to the

needs of Cyprus-based companies, including banking, professional services, insurance

and IT. The cluster is consistently attracting more quality tonnage and shipping-related

companies to its shores. Between 2010 – when the Cyprus tonnage tax system was

approved by the European Commission – and 2021, there has been a fivefold increase

in the number of shipping companies that have registered with Cyprus’ specialised

shipping taxation system, boosting the sector’s revenue by around 25%.


27


Some examples include the decision in 2018 by leading London ship insurer P&I Club

to open a post-Brexit EU subsidiary in Cyprus, reaffirming the island’s position as one

of the top global hubs for shipping. Another triumph came in early 2019, when British

shipping firm P&O Ferries decided to register its English Channel operating fleet

under the Cyprus flag to take advantage of the benefits and security it provides. Two

of the industry’s most highly respected privately-owned shipmanagement companies,

Columbia Shipmanagement and Marlow Navigation – both based in Cyprus – merged

in 2017 to form Columbia Marlow, creating one of the world’s largest ship and crewmanagement

companies. Another transaction constituting FDI was the 2018 buyout

of Limassol-based Songa Offshore SE by Transocean Ltd, the world’s largest offshore

drilling contractor for oil and gas wells, in a deal worth US$3.4 billion. In addition,

natural gas finds within Cyprus’ Exclusive Economic Zone (EEZ) and efforts to exploit

it in cooperation with neighbouring countries have expanded opportunities for the

island’s already thriving shipping sector.

DEVELOPING AN ENERGY HUB

Cyprus’ hydrocarbons discoveries captured the attention of global energy

heavyweights when US company Noble Energy, now acquired by US giant Chevron,

made the first natural gas discovery in 2011 with estimated resources of 4.5 trillion cubic

feet (tcf) in the Aphrodite field. ENI, Kogas, ExxonMobil, Royal Dutch Shell, and Total

have all secured exploration licences and conducted exploratory drilling. ExxonMobil

announced the discovery of an estimated 5 to 8 tcf in Block 10 in early 2019, while ENI

confirmed a discovery in Block 6 – which it operates with Total – of around 2.5 tcf in

August 2022. Further discoveries could be announced within the next year.

In 2019 Cyprus agreed to build a subsea pipeline connecting Aphrodite to Egypt’s

liquefaction plants and concluded a production-sharing deal with Noble Energy (now

Chevron) and its partners over the Aphrodite gas reservoir. The development of

ENI, Kogas, ExxonMobil,

Royal Dutch Shell,

and Total have all

secured exploration

licences and conducted

exploratory drilling


28


Aphrodite is now expected in 2026. Since the start of the pandemic, activity and works

worth US$200 million have been completed in Cyprus’ EEZ by oil and gas companies,

underlining their continued commitment to Cyprus.

In addition to offshore discoveries in the last decade, a range of other new energy

opportunities have come to the fore. In December 2019, Cyprus signed a landmark

deal with a Chinese-led consortium to build a €290 million LNG import terminal at

Vassilikos. The consortium constructing the project includes China Petroleum Pipeline

Engineering CO LTD, Metron SA, Hudong-Zhonghua Shipbuilding and Wilhelmsen

Ship Management. The terminal will include a floating storage and regasification unit

(FSRU), a jetty for mooring the FSRU and related infrastructure at Vassilikos. The FSRU,

expected to be completed in 2023, attracted €150 million in finance from the European

Investment Bank (EIB), €80 million from the European Bank for Reconstruction and

Development (EBRD), €101 million from the EU’s Connecting Europe Facility as well as

an equity contribution of €43 million from the Electricity Authority of Cyprus (EAC).

Parallel to this, Cyprus has been ramping up its renewables capacity, with support

from the EU’s €1.2 billion Recovery and Resilience Facility (RFF). The renewable energy

sector could be one of the most attractive areas for investment and joint ventures

with other countries. For example, Israel has been interested in cooperating with its

Cypriot counterparts in establishing pilot projects where new Israeli tech could be

tested in Cyprus. Also, the UAE and Saudi Arabia have been pioneers in clean energy,

especially in the field of hydrogen, and are keen to export its RES know-how and create

synergies. For example, Saudi Arabia – dubbed to become one of the biggest producers

of clean energy – could support the EU’s

hydrogen strategy through Cyprus as

ICyprus has been ramping

up its renewables capacity,

with support from the EU’s

€1.2 billion Recovery and

Resilience Facility (RFF)

an interconnector to Saudi’s biggest

hydrogen production plant currently

under construction. The long-awaited full

liberalisation of the electricity production

market in Cyprus has seen many delays,

but once this materialises it would


29


allow a fresh inflow of new private players operating in both renewables and gas to

compete in the local market – and in a broader regional market thanks to the EuroAsia

Interconnector project to connect Cyprus, Israel and Greece via submarine electricity

cable and the related EuroAfrica Interconnector to connect Egypt.

STABLE BANKING SECTOR AND GROWING INVESTMENT FUNDS

Today, Cyprus banks maintain high levels of capital adequacy and liquidity but

continue to grapple with managing their non-performing loan (NPL) portfolios.

The restructuring of the banking sector after 2013 attracted important international

institutional investors and fresh foreign capital and encouraged accelerated sales of

NPLs. These developments substantially

reduced risk and enabled the financial

system to operate on a healthier basis.

The island also hosts a thriving forex

industry with many global giants basing

their operational headquarters in Cyprus.

In addition, the investment funds sector

has grown exponentially in the last few

years with Assets under Management

(AuM) seeing a staggering increase from

€2.7 billion in 2016 to €11.1 billion in the

first quarter of 2022, proving Cyprus

is being recognised by the global asset

management community. Investment

funds have already invested more than

€2 billion in several sectors of the Cypriot

economy, such as shipping, hospitality,

education, healthcare, and renewable

energy.

IThe investment funds sector

LUXURY TOURISM AND HIGH-END REAL ESTATE

has grown exponentially in

the last few years with Assets

under Management (AuM)

seeing a staggering increase

from €2.7 billion in 2016 to

€11.1 billion

in the first quarter of 2022,

proving Cyprus is being

recognised by the global asset

management community

Cyprus continues to be on the top of the list for investors, holiday-home seekers, expats

and retirees. Tourism and real estate have always been robust sectors of the Cypriot

economy, and a concerted effort to diversify the Cyprus offering in recent years has paid

off. The number of foreign investors closing multimillion-euro deals in the last several

years underlines the fact that tourism-related real estate and infrastructure continues

to be one of the most attractive investment opportunities in Cyprus. Pre-pandemic years

of record-breaking tourism numbers saw the island attract new interest in conference,

sports, health and wellness tourism. The construction and investment in multipurpose

projects and mixed-use developments such as luxury marinas, golf courses and more

recently the island’s first-ever and only integrated luxury casino resort, are all part of

the ongoing strategy to upgrade Cyprus’ tourism product. The new casino resort, City

of Dreams Mediterranean, will have extensive facilities and five-star status. The casino

resort is Hong Kong-based Melco’s first expansion outside of Asia and will be the biggest

casino of its kind in Europe, with the investment for this mega project at €600 million.

Spurred by this unique development, Cyprus garnered another landmark investment

deal in 2022 with Israeli business magnate Gilad Shabtai investing in over 130,000 m 2


30


Artist Impression: City of Dreams Mediterranean

Artist Impression: Grand Hyatt Limassol

Artist Impression: Ritz-Carlton Residences

IMajor investments have also

of land for development surrounding the

new integrated casino resort in Limassol.

been made in the hospitality

The destination and value of the area are

set to be elevated by this key real estate

industry with acquisitions

investment.

and the construction of new

Proposals include the development

of exclusive seven-star facilities

luxury hotels by renowned

providing bespoke services for owners

hotel management chains

and investors. Plans are also in place

for additional investment by the former

majority shareholder of telecoms start-up Viber into the further expansion of the area

in the future – which is a solid vote of confidence in the vast growth potential of Cyprus.

Following the success of Limassol Marina, more investment has flowed into marina

developments on the Cypriot coast. The €300 million luxury Ayia Napa Marina is under

construction with berthing facilities and a commercial village now fully operational.

The marina offers capacity for 600 yachts of up to 60 metres, a shipyard, and a range of


31


luxury villas, apartments and facilities. With significant Egyptian investment backing

the innovative project and the seafront residences are expected to be completed by

2023. In addition, the €110 million Paralimni Marina project is set to be completed in

2024, while a tender was signed in August 2021 with Deloitte Ltd and Triton Consulting

Engineers SA for a luxury marina in Paphos.

Major investments have also been made in the hospitality industry with acquisitions

and the construction of new luxury hotels by renowned hotel management chains. The

Radisson Hotel Group, one of the largest and most dynamic hotel groups in the world,

has big plans to grow its existing portfolio in the country to six hotels and almost 1,000

rooms by 2025, one of which is the Radisson Larnaca Beach Resort, the very first beach

resort by the Radisson Hotel Group worldwide.

In 2019, the Luxury Collection, part of Marriott International, opened the Parklane

Luxury Collection Resort & Spa resort in Limassol, marking Marriott International’s

entry into Cyprus. In July 2020, Hyatt Hotels Corporation announced a management

agreement with Anolia Holdings Limited for the launch of the first Hyatt hotel in Cyprus.

The 300-room luxury resort Grand Hyatt Limassol is expected to open in 2025. The

new beachfront resort will also be a key element of Zaria Resort, a mixed-use luxury

development, comprised of residential apartments and private villas totalling more

than 80,000 m 2 . One of the latest projects is the Sofitel Resort & Spa, a joint venture

between Singapore-headquartered Oxley Holdings and Planetvision on the Limassol

beachfront. The project will be the first Sofitel Resort with branded residences in

Europe and is expected to be completed by 2023.

Following global trends and faced with an aging population, investing in health and

wellness developments as well as rehabilitation and bespoke retirement villages has

enormous potential. An early example of this is the Eden Seniors Resort in Larnaca

which opened its doors in 2018. Paphos is due to see the first dedicated retirement

village in Cyprus. The €16 million retirement village, branded Lazaris Mill, will consist

of 82 individual apartments, ranging from studios to larger flats and a small 24-

room hotel, and provide bespoke facilities. The first residents are expected in spring

2023. Another upcoming project in Paphos is Cypress Park, a new luxury residential

development turning retirement into a five-star resort stay.

FOCUS ON INVESTOR SUPPORT

Not one to rest on its laurels, Cyprus has been steadily sharpening its competitive

edge by streamlining processes to better cater to investors and by strengthening

new sectors to support its already more established industries.

Investment opportunities in Cyprus’ large-scale projects span various sectors,

including high-value tourism and housing developments, projects with a special focus

on golf courses and luxury marinas, as well as education, energy, and more lately, the

international film sector.

Special schemes and incentives are

in place to facilitate headquartering,

which covers the sectors of technology,

asset management, investment funds,

550 COMPANIES

shipping and higher education, and

‘Olivewood’ for the international film that have relocated or expanded

industry. A new government Action

their activities in Cyprus

Plan launched in 2021 also provides

Ithe BFU has catered to more than


32


new incentives to attract non-EU talent

and companies to establish operations

in Cyprus. The recent introduction of a

Business Facilitation Unit (BFU) promises

to be a gamechanger for ease of setting

up in Cyprus. The BFU specialises in fasttracking

business setup, permitting and

licensing for companies, their employees

and families, and in less than two years of

operation, the BFU has catered to more

than 550 companies that have relocated

or expanded their activities in Cyprus.

To better facilitate FDI, the country’s

investment promotion agency, Invest

Cyprus, has also developed an online

investment matchmaking platform

branded the Project Bank, to help

investors identify the right market

opportunities for projects based in

Cyprus. In addition, Invest Cyprus hosts

the annual International Investment

Awards, where it honoured seven companies in 2022 for their contributions to Cyprus,

namely BrainRocket, ECOMMBX, CVC, TheSoul Publishing, Murex, Medicover and

SYKES.

LOCATION, LOCATION, LOCATION

Cyprus’ liberalised FDI Policy, both for EU citizens and investors from third countries,

along with its favourable tax regime makes it one of the most attractive investment

targets in Europe. At 12.5% Cyprus’ corporate tax rate is one of the most competitive in

the EU and new tax-neutral reforms that are on the way will simplify and modernise

the tax system further. The country’s extensive network of double taxation treaties

with 67 countries have strengthened its position as a business gateway and a preferred

location for corporate headquarters. The country’s skilled talent, low cost of doing

business, top-tier professional services, and high quality of life renders Cyprus not only

a wise business and investment choice but also a great relocation destination. n

With solid and continuous interest in the tourism sector, Invest

Cyprus has set up a dedicated and specialised unit, TourInvest, to

promote investment opportunities in the tourism and hospitality

sector. In cooperation with the Deputy Ministry of Tourism and

other stakeholders, the unit focuses on attracting multimillioneuro

investment into large-scale infrastructure projects


33


CYPRUS-SAUDI ARABIA RELATIONS

T

he bilateral ties between Cyprus and Saudi Arabia have been growing

closer in recent years through constant reciprocal high-level visits and

with several agreements in various fields under revision to further boost

relations and to enhance cooperation.

Relations between the two countries progressed in 2015 with the

establishment of the Cyprus Embassy in Riyadh, followed by the

establishment of the Saudi Embassy in Nicosia three years later. In

addition, the formation of the Cyprus-Saudi Arabia Friendship Group

in the House of Representatives of Cyprus and the Saudi Arabia-Cyprus

Friendship Group in the Majlis Al Shura, as well as the creation of the

Cyprus-Saudi Business Association have fostered closer ties between the

two countries. Similarly, The Federation of Saudi Chambers of Commerce

and the Cyprus Chamber of Commerce recently signed a cooperation

agreement to establish a Saudi-Cypriot Business Council to further

enhance their business links.

The relationship is firmly set on a new trajectory of growth and

enhanced engagement to facilitate joint initiatives and investment in

various fields, such as civil aviation, energy, maritime and air transport,

ports, food, medicine, digitalisation, cyber security and financial services.

Significant potential exists for both countries to enjoy sizable benefits

from bilateral alliances. In this regard, the Republic of Cyprus and the

Kingdom of Saudi Arabia are working together towards promoting a

series of bilateral trade and investment agreements. Another example of

recent collaboration came in 2022, with telecommunications companies

from Cyprus and Saudi Arabia becoming parties of the East Med Corridor

(EMC), an undersea data cable of geostrategic importance, which will start

in Singapore, pass through Saudi Arabia, Israel, Cyprus and Greece and

end in Italy and France. In addition, Arabsat – a global leader in satellite

services – has already invested heavily in Cyprus through Hellas Sat.

At the crossroads of Europe, North Africa and Asia and being the closest

EU country to Saudi Arabia, Cyprus can serve as an ideal location for Saudi

businesses to establish their European and international headquarters.

The island’s new incentives for third country nationals, its EU status and

first-class services offer many opportunities for Saudi business.

The two countries have also adopted national long-term visions that

aspire to better address current and future challenges and to safeguard

growth for the wider region. These are reflected in Cyprus’ Vision 2035

and Saudi Arabia’s Vision 2030 respectively, which include unprecedented

reforms and promote more sustainable and open economies. These

national frameworks offer vast scope for strengthening political and

economic cooperation, and particularly in the energy sector. Cyprus and

the Eastern Mediterranean is likely to play a role in the EU’s hydrogen

strategy, and Saudi entities may also participate in the advancing of the

energy transition in the East Med and towards the expansion of renewable

energies and electricity interconnection.


34


INSIGHT

Minister of Foreign Affairs

Ioannis Kasoulides


35


Cyprus and Saudi Arabia have recently placed

strong focus on further strengthening their bilateral

relations. What are the key pillars that form this

diplomatic relationship and how do you see this

bilateral partnership developing in the future?

C

yprus views Saudi Arabia as one of its key strategic partners in our wider region and

I am particularly happy to note that, despite the challenges posed by the pandemic –

and more recently by the war in Ukraine – our relations and cooperation grew stronger

in a number of fields.

Fundamental ingredients of this relationship are our shared values and strong

commitment on the core principles of international law, on a rules-based international

order, including the law of the sea and our across-the-board respect of the principles

of sovereignty and territorial integrity. These are non-negotiable principles for both

countries.

The official visit of President Anastasiades last March, who I had the privilege to

accompany, the exchange of visits of other high officials and the well awaited visit of

HRH the Crown Prince to Cyprus, are good indicators of a steadily growing and more

mature, cooperative and results-oriented bilateral relationship. The Joint Statement,

which was adopted following the President’s visit, states the strong commitment of

the two countries for bilateral cooperation and multilateral coordination and the

willingness to contribute to regional and international security and stability. It also

serves as a roadmap of our partnership in many fields. Towards this end, we aim to

create a Comprehensive Strategic Partnership Framework, focusing on key domains

of economic cooperation, including inter alia tourism, digital cooperation, shipping,

energy, culture and education.

Having said that, our cooperation is already materialising, producing concrete and

tangible results. Cyprus was among the first countries to declare its support to the

Kingdom’s candidacy for EXPO2030; we were the first EU Member State to become a

member of the Digital Cooperation Organization launched by the Kingdom of Saudi

Arabia last year to strengthen cooperation across innovation-driven sectors and

accelerate the growth of the digital economies of its members; and more recently,

telecommunications companies from Cyprus and Saudi Arabia became parties of the

East Med Corridor (EMC), an undersea data cable of geostrategic importance, which

will start in Singapore, pass through Saudi Arabia, Israel, Cyprus and Greece and end in

Italy and France.

In addition, both Cyprus and Saudi Arabia have adopted national long-term visions

that aspire to unlock their potential and opportunities, to better address current and

future challenges and to safeguard growth and prosperity for our people and for our

wider common region. These are reflected in Cyprus’ Vision 2035 and Saudi Arabia’s

Vision 2030 respectively, which include unprecedented reforms and promote more

sustainable and open economies. I firmly believe that these provide a vast scope for

strengthening our political and economic cooperation even further and I am confident

that in the years to come, this cooperation will have a direct positive impact on our

peoples. n


36


INTERVIEW

Ambassador of the Kingdom of Saudi

Arabia to the Republic of Cyprus

Khaled

Mohammed

Alsharif

Saudi Arabia and Cyprus have made headway in

deepening their bilateral relations with a focus to

intensify cooperation between the two countries in

various fields such as economy, energy, sustainability

and tourism, says Khaled Mohammed Alsharif.


37


Saudi Arabia and Cyprus have recently made great efforts

to expand their relationship, how would you describe the

current bilateral relations between the two nations?

Bilateral ties between the two countries were progressed in 2015 when the Cyprus

Embassy in Riyadh was first established followed by the establishment of the Saudi

Embassy in Nicosia three years later. Furthermore, we also had the formation of the

Cyprus-Saudi Arabia Friendship Group in the House of Representatives of Cyprus and

the Saudi Arabia-Cyprus Friendship Group in the Majlis Al Shura. Since then, several

memorandums of cooperation and agreements are under revision to further boost ties

between the two countries in various fields. Last year Cyprus and Saudi Arabia had their

first meeting for political dialogue that was held in our capital, Riyadh. The friendly and

mutually rewarding bilateral relationship between Saudi Arabia and Cyprus has grown

considerably over the last years, and both countries are maintaining an excellent state

of friendship with enhanced cooperation.

Are there significant projects or initiatives between Saudi

Arabia and Cyprus at the moment, and what kind of

cooperation would you like to see developed in the future?

During the recent visit of the President of Cyprus Nicos Anastasiades to the Kingdom

of Saudi Arabia official talks were held with Crown Prince Mohammed bin Salman

bin Abdulaziz Al Saud, Deputy Prime Minister and Minister of Defence, in order to

review all aspects of bilateral relations as well as to enhance and intensify cooperation

between the two countries in various fields such as economy, energy, sustainability

and tourism.

Cyprus is a strong international business centre

and EU base for cross-border operations. It is also

the closest EU member to Saudi Arabia. What

opportunities does this provide specifically to Saudi

business and what advantages does Cyprus offer

Saudi Arabia to facilitate more trade and business?

I

t is true that due to its geographical location Cyprus is a strong international business

centre and EU base for cross-border operations. It is also the closest EU country to

Saudi Arabia and an attractive destination for foreign direct investment as well as for


38


businesses to establish their European and International headquarters. Additionally,

the Cyprus-Saudi Business Association that has been initiated in October 2020 under

the auspices of the Cyprus Chamber of Commerce aims to create new opportunities for

partnership between businesspeople in both countries as well as further strengthening

the business relations by operating as a bridge between Saudi and Cyprus. It’s an

official platform that mutually benefits economic and trade relations. Similarly, The

Federation of Saudi Chambers of Commerce and the Cyprus Chamber of Commerce

recently signed a cooperation agreement to establish a Saudi-Cypriot Business Council

to further enhance our business bond.

Saudi Arabia’s Green Initiative is part of the Kingdom’s

Vision 2030, what kind of strategic trade and investment

opportunities are emerging from this new vision?

The Saudi government has an ambitious plan to steer the Kingdom away from its

dependence on oil. Saudi Arabia’s Crown Prince Mohammed bin Salman has

announced the Saudi Green Initiative and the Middle East Green Initiative, which are

programmes that aim to reduce carbon emissions by 60% and plant 50 billion trees in

the region. The Kingdom fully recognises its share of responsibility in advancing the

efforts against the climate crisis by leading the world’s largest afforestation project.

Being a leader in the energy markets

during the oil and gas era, the Kingdom

aims to become a global leader in forging

a greener world, which is a strategic

target in Saudi’s Vision 2030. The Crown

Prince’s Vision 2030 is a social and

economic strategic reform project laid by

the Kingdom of Saudi Arabia to diversify

IThe friendly and mutually

rewarding bilateral relationship

between Saudi Arabia and

Cyprus has grown considerably

over the last years


39


the nation’s economy and to stimulate

numerous changes in its social and

economic sectors, including healthcare.

Moreover, it is built on three pillars – a

vibrant society, a thriving economy and

an ambitious nation. A vibrant society

is vital to achieving the Vision and

establishing a strong foundation for

economic prosperity. The Kingdom’s goal

is to create a society in which every citizen

IBeing a leader in the energy

markets during the oil and gas era,

the Kingdom aims to become a

global leader in forging a greener

world, which is a strategic

target in Saudi’s Vision 2030

enjoys a happy, fulfilling lifestyle complemented by a standard of living which provides

a safe and secure environment for families, and access to world class healthcare and

education. Secondly, a thriving economy provides opportunities for all by building an

education system aligned with market needs to offer the young people the skills for

the jobs of the future, and creating economic opportunities for entrepreneurs, small

enterprises and large corporations. Lastly, an ambitious nation applies efficiency and

responsibility at all levels in order to deliver the Vision efficiently.

What sectors or what type of projects in Cyprus could

be attractive for direct investment from Saudi Arabia?

Several sectors and a variety of projects in a number of fields in Cyprus could be

attractive for direct investment from Saudi Arabia, and we are happy to see that

Invest Cyprus, the National Investment Promotion Authority of Cyprus, was part of the

Business Forum organised by the Cyprus Chamber of Commerce and Industry in Jeddah

and Riyadh earlier in June. A number of meetings were conducted with the Ministry of

Investment of Saudi Arabia to explore various options to strengthen bilateral relations

and mutually beneficial cooperation between both countries.

How do you see Saudi Arabia-Cyprus

relations developing in the future?

The progress in the expanding of

ISeveral sectors and a variety of

relations between our countries

in recent years allows us to be projects in a number of fields in

particularly optimistic about the further

Cyprus could be attractive for direct

strengthening of our friendship and

cooperation in the future. I am confident investment from Saudi Arabia

that together we can achieve much for

our people and the region, contributing together to stability, security and prosperity. n


40


INTERVIEW

Ambassador of the Republic of Cyprus

to the Kingdom of Saudi Arabia

Stavros

Avgoustides


41


Cyprus and Saudi Arabia have witnessed significant

momentum in strategic bilateral and multilateral

relations, both politically and economically.

Cyprus is a high-growth market which offers

significant opportunities for Saudi companies and

investors across a range of sectors such as tourism,

technology and energy, says Stavros Avgoustides.

Cyprus and Saudi Arabia have actively been deepening

their ties in recent years, how would you describe the

current bilateral relations between the two nations?

The canvas of our engagement looks very different from what it was three or

four years ago. It is now firmly set on a new trajectory of growth and enhanced

engagement. Together with the Kingdom of Saudi Arabia, we are building a relationship

based on mutual trust, respect, and a common vision. The vision of peace, stability and

prosperity for our two peoples and the region.

Cyprus and Saudi Arabia have a similar mindset and share the same goals and

aspirations as nations in the regional and international sphere. The pandemic, and

current events remind us how interdependent we are, and why we need to strengthen

our multiple partnerships to face an increasingly competitive international and

regional environment.

Our people-to-people relations and trust has been continuously strengthened

through constant reciprocal high-level visits. Indeed, despite the disruptions in

engagements due to the Covid situation over the last two years, the rhythm of highlevel

contacts has been maintained. The visit of HE the President of the Republic of

Cyprus to the Kingdom, and the reciprocal visit to Cyprus of HRH the Crown Prince, as

well as the exchange of visits of a good number of high officials from both countries, are

testament to how far the relationship has matured.

When it comes to bilateral agreements and memoranda, we are in favour of ‘quality’

over ‘quantity’. The idea is to grow people-to-people relations through business,

educational, and cultural exchanges. We are now focusing on specific areas that will

potentially have a direct positive impact on the two peoples and societies.


42


What kind of joint projects or initiatives do the two

countries participate in at the moment, and what new

prospects are there to increase economic cooperation?

As previously mentioned, we have witnessed a significant momentum in our strategic

bilateral and multilateral relations, both political and economic. Despite the

limitations caused by the pandemic, Riyadh and Jeddah Chamber in collaboration with

the Cyprus Chamber of Commerce and Industry organised last June the first of Cyprus-

Saudi Business Forums in the two Saudi cities. These events and ones to follow are great

testament to the growing strength of Cyprus-Saudi Arabia relations and provide a unique

opportunity for entrepreneurs and members of the business community from both

friendly countries to learn more about the advantages of these attractive investment

destinations and to hear about the prospects and the current market opportunities.

Indeed, businesses from both countries use these forums to forge networks as well as

engage in business-to-business transactions. We are working together with the business

people of both countries and are exploring new avenues and opportunities for bilateral

trade and investments. As previously mentioned, we see it more as people-to-people

interactions. Our Embassy encourages businesses from Cyprus to expand their footprint

in the Kingdom and start building relationships with their Saudi Arabian counterparts.

The Kingdom of Saudi Arabia is undergoing significant changes, economically

and socially. Indeed, the ongoing reforms have led to a significant increase of FDIs in

the Kingdom. Indeed, the results of the Vision 2030 are evident in our daily lives and

interactions. The positive state of our bilateral relations offers a unique opportunity

to build momentum to deepen economic ties in this longstanding and enduring

partnership. Deepening the economic relationship would pay dividends in other areas

as well, translating into greater opportunities for strategic bilateral cooperation.

The production of mutually beneficial results will demand time, resources, and

political capital. Cyprus and Saudi Arabia would benefit from a closer and stronger trade

and foreign direct investment relationship that would amplify growth and prosperity,

in both the short and long term. This

is why we have applauded the creation

of the Cyprus-Saudi Arabia Business

Association, which itself supports the

concrete steps that need to be taken

toward deepening the commercial/

business relationship between our two

countries. Moreover, it is with great

pleasure that we recently witnessed

the signing of the creation of the Saudi-

Cyprus Business Council, which will

involve business people from both

countries, and we are confident it will

create a mutually beneficial framework to

foster the bilateral flow of goods, services,

and investments.

IThe positive state of our

bilateral relations offers a

unique opportunity to build

momentum to deepen economic

ties in this longstanding and

enduring partnership. Deepening

the economic relationship

would pay dividends in other

areas as well, translating

into greater opportunities for

strategic bilateral cooperation


43


Cyprus is a strong regional hub and EU base

for international business and offers many

advantages for companies engaged in crossborder

activities, what advantages does Cyprus

offer specifically to Saudi business?

Saudi businesses and investors do not differ from other international businesses.

They seek a safe, stable and trustworthy service-oriented business environment.

That’s why many international companies from different sectors have already chosen

Cyprus as the location for their regional headquarters.

Cyprus provides an element of political and economic stability, an excellent quality

of life and an efficient and productive labour force. All these create a competent and

conducive business environment. Concurrently, Saudi businesses can use Cyprus as a

convenient entry point into the EU marketplace, a bridge for expanding their business

networks and seek new opportunities.

What sectors or niche segments in Cyprus do

you think have untapped potential in terms of

attracting direct investment from Saudi Arabia?

Cyprus is a high-growth market which offers significant opportunities for Saudi

companies and investors across a range of sectors. To this end, I would like to

particularly highlight the importance of the Joint Statement issued following the

President’s recent visit to Riyadh [1/3/2022], which signifies inter alia our willingness

to push further the enhancement of our bilateral relations, towards their elevation to

a full-fledged strategic cooperation.

In the Joint Statement, which we envision to use as a road map in our bilateral

relations, special emphasis is given in certain areas such as tourism, high-tech and

digital economy, education, maritime and energy sectors. More specifically in the

energy sector, it is our strong belief that Cyprus and the Eastern Mediterranean will

potentially play a role in the EU’s hydrogen strategy. Saudi entities may also participate

in the advancing of the energy transition in the East Mediterranean and towards the

expansion of renewable energies and electricity interconnection.

Long term, Saudi Arabia also has

promising potential for supporting

EU’s hydrogen strategy through Cyprus

and the Eastern Mediterranean. Saudi

Arabia inspires and will become in the

coming years the biggest producer of

the clean energy source. Cyprus can act

as an ‘energy bridge’ interconnecting

ISaudi businesses can use Cyprus

as a convenient entry point into

the EU marketplace, a bridge for

expanding their business networks

and seek new opportunities


44


the biggest hydrogen production plant,

currently under construction in the

planned city of Neom on the Red Sea

coast, with Europe.

How do you see the

relationship between

Saudi Arabia and Cyprus

developing in the future?

We need to continue on a step-bystep

approach; by setting viable

goals in our bilateral relations. As for

our more immediate goals, establishing

direct air connectivity remains a strong

priority for both countries, and we

ICyprus provides an element

of political and economic

stability, an excellent quality

of life and an efficient and

productive labour force. All

these create a competent

and conducive business

environment. Concurrently,

Saudi businesses can use

Cyprus as a convenient entry

point into the EU marketplace,

a bridge for expanding their

business networks and

seek new opportunities

strongly believe direct flights are a game

changer for better relations. The production of mutually beneficial and viable results

in our bilateral relations will demand time, resources, and political capital, but the

future is bright. n


46


SPOTLIGHT

Cyprus

Real Estate

The Cyprus real estate industry has proven its resilience

with 2022 so far exhibiting dynamic momentum in the

sector underlining strong confidence of both Cypriot

and foreign property buyers. First quarter sales reached

€1.3 billion, with coastal business hub Limassol and

capital city Nicosia taking the lion’s share of contracts.


47


C

yprus has long been a firm favourite for property buyers worldwide thanks to its

high quality of life, safe environment and Mediterranean climate. In addition, the

country’s EU membership, its thriving international business centre and strategic

position at the crossroads of three continents remain key pull-factors for residential

buyers, relocating companies and investors alike.

Property sales have bounced back post-pandemic and have remained strong in the

last year. In the second quarter of 2022 real estate sales in Cyprus rose year on year by a

robust 29.3%. This was slower than the 51.6% recorded in the first quarter and analysts

say this is likely related to the end of lending subsidies for first-time buyers. In terms of

absolute volume, the largest increase in sales was in Limassol, where sales rose by 293

to 1,130, marking a year-on-year increase of 35%. However, the fastest pace of growth

was in Paphos, where sales rose by 229 or 54.1% to 652.

Sales to Cypriots continue to dominate, accounting for 58.5% of the total in the

second quarter of 2022 and 58% on average in the first half of 2022. This was lower

than in 2020-21, when sales to Cypriots averaged 65%. However, the years 2021-22

were somewhat unusual given pandemic-related travel restrictions. In 2018-19 the

proportion of sales to Cypriots was 55%, therefore closer to the average in the first half

of 2022. Sales to Cypriots are driven both by the abovementioned subsidies but also

growth in population size. According to the latest Labour Force Survey the number of

private households rose year on year by 1.4% in the first quarter of 2022 to 347,650.

REAL ESTATE SALES BY REGION

Contracts of sale unless otherwise indicated

2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2

Nicosia 690 632 856 673 705

% change year on year 118.4 4.8 37.8 4.2 2.2

Limassol 837 825 1,118 1,019 1,130


Larnaca 396 422 541 512 610


Famagusta 170 181 211 152 157

% change year on year 80.9 14.6 8.8 16.9 -7.6

Paphos 423 442 618 653 652


All Cyprus 2,516 2,502 3,344 3,009 3,254


Source: Department of Lands and Surveys. © Sapienta Economics Ltd.


48


CYPRIOT AND NON-CYPRIOT PROPERTY SALES

Number of contracts 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2

Cypriot contracts 1,663 1,602 1,992 1,732 1,903

EU contracts 421 459 696 628 625

Non-EU contracts 432 441 656 649 726

Total contracts 2,516 2,502 3,344 3,009 3,254

% change over same period of previous year

Cypriot contracts 117.7 10.9 20.1 23.8 14.4

EU contracts 182.6 35.8 89.6 141.5 48.5

Non-EU contracts 17.4 13.1 31.5 99.1 68.1

Total contracts 96.4 15.2 32.5 51.6 29.3

Source: Department of Lands and Surveys. © Sapienta Economics Ltd.

PROPERTY PRICE INDICATORS SHOW INCREASE IN PRICES

G

iven the strength of sales, it is not surprising that the various indices for

residential property prices point to rising property prices, even though the

degree of increase differs depending on the index. The Central Bank of Cyprus index,

which is based on a large sample of valuations, reports a year-on-year increase in

prices of 3.2% in the first quarter of 2022, compared with 2.6% in the fourth quarter

of 2021. This is the fastest pace of growth since 2008 according to the Central Bank

index.

The index prepared by the Statistical Service, Cystat, which is based on a smaller

sample of actual sales, reports an increase in prices of 1.1% in the first quarter of 2022,

compared with a fairly sharp decline of 5.1% in the previous quarter. According to the

Central Bank index, apartment prices are clearly rising faster than those of houses,

rising by 6.8% compared with an increase of 1.5% for houses in the first quarter. This

probably also underlines the importance of the local residential market in property

purchases, especially after the withdrawal of the Cyprus Investment Programme in

2020.

However, the Central Bank index shows a fairly large discrepancy by district. While

apartment prices in Paphos rose by 4.0%, thanks to the abovementioned strength

of sales, apartment prices in Nicosia actually declined by 0.2%. Nicosia was the only

district that saw a decline in apartment prices according to this index.


49


All residential property

PROPERTY PRICE INDICATORS

% change over the same period of the previous year

2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1

Cystat

(hedonic, based on actual sales) -5.8 -4.8 2.5 -5.2 1.1

Central Bank of Cyprus

(hedonic, based on valuations) 0.9 0.3 1.2 2.6 3.2

Houses


(hedonic, based on valuations) 0.2 -1.0 -0.3 1.0 1.5

WiRE FS residential houses

(proprietary methodology) 1.5 1.7 0.1 -0.5 n/a

Apartments


(hedonic, based on valuations) 2.5 3.3 4.5 6.3 6.8

WiRE FS residential apartments

(proprietary methodology) 0.5 0.3 0.7 2.2 n/a

Other

WiRE FS holiday houses

(proprietary methodology) -3.2 -3.8 -4.3 -3.7 n/a

Land Registry: average unit

value of parcel transfers (a) -20.5 -3.9 -21.6 17.9 31.2

(a) Parcels may vary in size; Sapienta Economics calculations.

Sources: Cystat; Central Bank of Cyprus; WireFS; Department of Lands and Surveys. © Sapienta Economics Ltd.


50


PROPERTY-PRICE INDICES

CYPRUS PROPERTY-PRICE INDICES

There are three regular property-price

indices produced in Cyprus and one which

Sapienta calculates from parcel transfers.

u The Cystat index is hedonic (adjusted for changes in

quality) and is based on actual sales. The Cystat index does

not give a breakdown by region or by property type.

u The Central Bank of Cyprus index is also hedonic but is based on bank

valuations, as opposed to current sales, although recent sales are also

considered in valuations. The Central Bank of Cyprus index gives a

breakdown by region and by property type (apartments and houses).

u The WiRE FS index, which is a fairly new index largely based on

actual sales prices but also adjusted to consider “thin trading

and an inherent lag in price recording” in Cyprus. It gives a

breakdown by region and property type, including commercial

property (retail, warehouses and offices). It also distinguishes

between residential and holiday houses/apartments.

u Sapienta Economics also uses data from the Department of Lands

and Surveys (Land Registry) to calculate the average price per unit

of parcel transfers. This is not a market price, as it will include, for

example, debt-for-property swaps by banks, and parcels may also

vary in size. However, it can be an indicator of forced acquisitions.

The three public indices give different results because of their different

focus. Out of the three the Central Bank probably lags the most, as

property valuations tend to be made on the basis of sales in the previous

period. However, it has the advantage of being based on a larger data set

than the Cystat index, especially in periods when sales are stagnant.


51



52



53


PROPERTY

SHOWCASE

Leading

Developments

in Cyprus

LARNACA

Blue Sky Villas

Perivolia,

Larnaca

Type: Luxury Villas

Price: Upon Request

Developer: Quality Group

Contact: (+357) 24 821 855

info@qualitydevelopments.com

qualitygroupcyprus.com

Watch: Property Video

Download: Brochure


54


PROPERTY SHOWCASE: Leading Developments in Cyprus

LARNACA

Habitat Residences

Mall Area,

Larnaca

Type: 1,2,3 bedroom apartments

Price: Upon Request

Developer: Quality Group

Contact: (+357) 24 821 855

info@qualitydevelopments.com



Download: Brochure

LIMASSOL

Trilogy Limassol Seafront

Limassol

Type: 1 to 5-bedroom

apartments and penthouses

Price: €510,000 - €10,500,000

Developer: Cybarco

Development Ltd

Contact: (+357) 25 362 800

info@trilogylimassol.com

Trilogylimassol.com


Download: Brochure

PAPHOS

Akamas Bay Villas

Latchi,

Paphos

Type: 3 and 4-bedroom

beachfront villas

Price: €1,390,000 - €3,000,000

Developer: Cybarco

Development Ltd

Contact: (+357) 25 820 511

info@cybarco.com

Akamasbay.com


Download: Brochure


55


PROPERTY SHOWCASE: Leading Developments in Cyprus

PAPHOS

Cap St Georges Hotel & Resort

Akamas,

Paphos

Type: Villas, 3, 4, 5 and

6-bedroom villas

Price: From €1,800,000 +

Developer: Korantina Homes

info@korantinahomes.com

www.korantinahomes.com

PAPHOS

SOHO Resort

Tourist Area,

Paphos

Type: Apartments on

15-floor tower and Villas

Price: €1,200,000 – 6,000,000

Developer: Korantina Homes



PAPHOS

Topos Residence – Alto Design

Minthis,

Paphos

Type: 2-bedroom suites and

duplexes, 3-bedroom villas,

3, 4 and 5+ bedroom residences

Price: From €783,000

Developer: Pafilia

Property Developers

Contact: (+357) 26 848 800

info@pafilia.com

www.minthisresort.com


Watch: Resort Video


56


INSIGHT

CEO, Invest Cyprus

George Campanellas


57


Cyprus and Saudi Arabia have been fostering

a closer relationship in the last few years both

economically and politically. In terms of investment,

what kind of activity has Cyprus attracted from

Saudi Arabia and what type of Saudi foreign direct

investment would you like to see in the future?

Invest Cyprus is committed to strengthening the economic and business ties

between Cyprus and Saudi Arabia. Across every level of the Cypriot government,

Saudi Arabia is recognised as a reliable ally contributing to the preservation of

stability in the region. The Arabian Peninsula was always a strategic and economic

point of reference for Cyprus, and it is hoped that cooperation will be expanded and

enhanced.

As a result of its proximity, Cyprus is an ideal EU destination for business owners

looking to relocate their businesses or establish a base in an EU jurisdiction. Of

particular importance are Cyprus’ attractive tax system (Saudi Arabia and Cyprus

have a double tax treaty since 2019), the high-level professional services, the low cost

of living compared to other European states with similar characteristics, but also

the regulatory changes and incentives integrated into the government’s strategy for

attracting international companies.

Cyprus can be a close, strategic and

ICyprus can be a close, strategic

reliable partner for the development of

the Saudi Arabia Vision 2030 aimed at and reliable partner for the

diversifying the investment model of

development of the Saudi

Saudi Arabia. It is anticipated that there

will be significant investments in the Arabia Vision 2030 aimed at

coming years in Saudi Arabia, including

diversifying the investment

infrastructure projects, which create

vast prospects for bilateral cooperation. model of Saudi Arabia

Additionally, Cyprus offers excellent

investment opportunities in industries like renewable energy, tourism and hospitality,

manufacturing, digital technology, healthcare and green development. It is worth

mentioning that Arabsat, a global leader in satellite services, has already invested

heavily in Cyprus through Hellas Sat. Also, the East Med Corridor (EMC) is another

important milestone for the relations of the two countries. The EMC is a new submarine

and terrestrial cable data transmission system connecting Europe with Asia via Greece

and Saudi Arabia and is necessary for the global economy. The consortium comprises

of MENA HUB, Telecommunication Telephony Satellite Applications (TTSA, Greece),

Public Power Corporation (PPC, Greece) and Cyta (Cyprus). n


58


INCENTIVES

New Government

Action Plan

Cyprus has launched a new action plan to attract foreign businesses

to establish or expand their activities on the island. Cyprus already

provides many competitive advantages, but this new set of incentives

is geared to ramp up interest for companies to set up headquarters

in the country. The plan has taken into account the best practices

from other European countries, with emphasis on domains related

to technology, shipping, innovation, research and development,

biogenetics and biotechnology, without excluding any other

companies that choose Cyprus as their place of business. The new

strategy which aims to promote foreign investment and stimulate

economic activity was implemented on January 1, 2022.

The Presidential Palace

THE BUSINESS FACILITATION UNIT

The previous Fast Track Business Activation mechanism for companies of foreign

interest has been transformed into a Business Facilitation Unit for foreign

companies operating in Cyprus or for foreign companies that wish to expand their

operations in the country. The new Unit is responsible for the various services required

for the establishment of corporate entities:

• new company name approval and registration

• registration with Social Insurance and VAT authorities,

and with Income Tax authorities

• guidance in relation to the establishment, licensing and operations of companies

• issuance and renewal of residence and employment

permits for staff employed by foreign companies


59


RESIDENCE AND EMPLOYMENT PERMITS TO HIGHLY SKILLED

THIRD-COUNTRY NATIONALS AND SUPPORTING STAFF

The government has revised the policy for the employment of highly skilled

personnel from third countries employed by companies of foreign interests, as well

as for those employed by Cypriot companies which give added value to the economy

and the local workforce.

ELIGIBLE COMPANIES:

• companies operating in Cyprus and are of foreign interest/

shareholding and maintain fully fledged offices

• Cyprus shipping companies

• Cyprus companies involved in innovation and technology

• Cyprus pharmaceutical companies or companies that

operate in the fields of biogenetics or biotechnology

ELIGIBLE COMPANIES CAN EMPLOY HIGHLY SKILLED THIRD COUNTRY

NATIONALS IN KEY POSITIONS IF THE FOLLOWING CRITERIA IS MET:

• a minimum monthly gross salary of €2,500

• candidate must hold a university degree or equivalent, or

have a minimum 2 years’ relevant experience

• minimum two-year contract

• work permits will be issued within a one-month

period and will be valid for three years

• a work permit can also be granted to the spouse of the eligible

individual that obtains a visa with this scheme

There is a maximum number of third country nationals that may be employed under

this policy. Only 70% of the total number of all employees may be employed under it

in a period of five years from the date of

joining the Business Facilitation Unit.

Wargaming Headquarters, Nicosia

In case five years have passed and it is

not possible to employ 30% of Cypriot

workers, it will be re-examined on a caseby-case

basis.

Eligible companies will also be allowed

to employ third-country nationals as

support staff with a gross monthly salary

less than €2,500. The employment of

third-country nationals as support staff

is allowed, provided that it does not

exceed 30% of the total support staff and

provided that the third country nationals

and the employers have entered into an

employment contract approved by the

relevant authority in accordance with

the applicable law. The amount of their

salary is to be determined by the current

legislation.


60


CASE STUDY

THREE-STEP

COMPANY

REGISTRATION

Company registration in Cyprus is simple and

efficient. This is an example of the required

steps for a simple and straightforward set up in

Cyprus for a small or medium sized company.

THREE EASY STEPS:

1REGISTRATION OF THE COMPANY

Registration must be done at the Department of Registrar of Companies

and Intellectual Property. It is advised to seek professional advice and

once your lawyer has filed for registration, it can be expedited and

completed in one (1) business day. The administrative cost is €395, lawyer’s

or administrative service provider’s fees not included.

2SUBMIT A ‘LETTER OF INTENT’

A ‘Letter of Intent’ must be submitted along with the supportive

documents required through email to the Business Facilitation Unit

(BFU) to register the company as Company with Foreign Interests.

This takes no more than seven (7) business days.

3BOOK AN APPOINTMENT

Finally, you must book an appointment to register the company’s

employees with the Civil Registry & Migration Department (CRMD).

Only 3-5 employees per appointment, administrative cost is

€330 per employee, lawyer’s or administrative service provider’s fees not

included. Once you book an appointment, the licence of the employee for

temporary residence and employment takes 40 days to be issued.

• Simply visit the booking website. Select a convenient language

option and choose: Town (Nicosia)→ Third-country nationals→

Companies registered at the Business Facilitation Unit and select a date.

• Regarding the stipulations for ‘Employing Third-Country

Nationals’ please visit this webpage of the CRMD’s website and have a

look at the documents and fees.


61


FAMILY REUNIFICATION RIGHTS

Family reunification rights are granted to third-country nationals employed by this

revised policy and regulated by the Business Facilitation Unit. Direct and free access

to the labour market as paid employees is granted to spouses of the third-country

nationals who have obtained a residence and work permit in Cyprus, through this

revised policy and who receive a minimum gross monthly salary of €2,500. This right

does not extend to supporting staff who receive a monthly salary of less than €2,500.

SIMPLIFICATION OF GRANTING WORK PERMITS UNDER CATEGORY E

The action plan provides for the simplification and acceleration of the process of

granting immigration and work permits under Category E – Long-Term Resident Status

to persons who have been offered permanent employment and whose employment

does not create undue local competition.

DIGITAL NOMAD VISA

Significantly the new Action Plan provides for the introduction and the issuing of Digital

Nomad Visas with a maximum initial limit of 100 beneficiaries.

WHO IS ELIGIBLE:

Third-country nationals who are either self-employed or are employees who work

remotely using information and communication technologies to communicate with

their clients or employers who must be outside Cyprus.

WHAT RIGHTS DO YOU GET:

• right to stay in the country for up to one year, with the

right to renew their visas for another two years

• can be accompanied by family members, to whom a residence permit is granted

upon request, which will expire at the same time as that of the main applicant

• during their stay in Cyprus, the spouse or partner and the minor

members of the main applicant’s family are not allowed to

engage in any kind of economic activity in the country

WHAT ARE THE CONDITIONS:

• must show evidence of sufficient resources at a fixed income level of a

minimum €3,500/month to cover living expenses during their stay without

burdening the national and welfare system (the amount is increased by 20%

in case they have a wife/husband/partner and another 10% per child)

• must have insurance coverage and a clean criminal record

• the aforementioned prerequisites are indicative and

additional requirements are applicable

In the event that the holders of Digital Nomad Visas reside in the Republic for one or more

periods that in total exceed 183 days within the same tax year, then they are considered

tax residents of Cyprus provided they are not tax residents in any other state.


62


NEW TAX INCENTIVES

The new Action Plan also includes the introduction of new tax benefits and tax

breaks which were submitted to the House of Representatives in 2021.

NEW INCENTIVES:

• a 50% tax exemption to be granted to new residents/employees who

receive an annual income from their employment of €55,000

• extension of the tax exemption applicable to eligible employees in

Cyprus who have an income below €100,000 from 10 years to 17

years provided they were not domiciled in the Republic for a period

of 17 years prior to the commencement of their employment

• beneficiaries of this tax benefit with an income of €55,000-€100,000 should be

entitled to benefit from this exemption for the remaining period of the 17 years

• extension of the 50% tax exemption for investment in certified innovative

companies to corporate investors. The regime that was in force until the

end of June 2021 allowed the tax exemption only to natural persons

• a 120% capital allowance on expenses that relate to R&D

View from 360, Cyfield

NATURALISATION

The government has introduced the right to submit an application for naturalisation

after five years of residency and employment in Cyprus instead of the former sevenyear

rule or a further reduction to four years if the potential applicants meet the

criteria of holding a recognised certificate of very good knowledge of the Greek

language. n

FLAVOURS

OF

Cyprus

ts@meci.gov.cy

www.meci.gov.cy


64


INTERVIEW

Cyprus-Saudi Arabia Business

Association President

Demos

Anastassiou

Saudi companies and investors can benefit

significantly from Cyprus’ strong business ecosystem,

and there are many business opportunities in both

Cyprus and in Saudi Arabia for companies to build on

to strengthen cooperation, says Demos Anastassiou.


65


How would you describe the current trade

relations between Cyprus and Saudi Arabia?

The trade relationship between Cyprus and Saudi Arabia dates back decades. Since

the 1970s and until very recently a lot of Cypriots emigrated to Saudi to work

in construction but also in other sectors in Saudi Arabia, so traditionally there are

strong and friendly ties with the Kingdom.

There is great potential in the trade relationship between Cyprus and Saudi Arabia

which is enhanced by the strengthening of the diplomatic relations between the two

countries. The opening of the Cyprus Embassy in Riyadh in 2015 and the opening of

Saudi Arabia’s Embassy in Cyprus in 2018 cemented the new era in these relations.

In terms of products traded between the two countries, around half of Cyprus’

exports to Saudi are dairy produce and animal products. Other exports include

pharmaceutical products, boilers and machinery, animal food, agricultural products

and others. Most of our imports from Saudi include mineral fuels and mineral oils,

organic chemicals, plastic and others.

What advantages does Cyprus offer specifically

to Saudi companies and investors?

S

audi companies and investors can benefit significantly from Cyprus’ strong

business ecosystem, from full access to the European Single Market and to more

than 40 EU Trade Agreements.

Cyprus’ legal system is reliable and predictable. It is based on English Common Law

and is in full compliance with EU and International Laws and regulations. There is

also strong protection of Investment and Intellectual Property.

Saudi businesses will also benefit from a well-educated, multilingual, highly skilled

local talent and professionals with international business experience. In addition,

Saudi businesses can also relocate to Cyprus, travel to anywhere in the EU without

the need of a visa or from any third country through a quick and simplified process by

utilising the new government’s incentives for Third Country Nationals.

Furthermore, there is a wide network of high calibre accountants, lawyers, and

other professionals to support the Saudi businesses which will set up in Cyprus. At

the same time, Cyprus maintains a low cost of doing business compared to other EU

destinations in terms of labour cost, office rentals, company set up, operational, filing

and other costs.

Saudi businesses can benefit from an attractive and transparent tax regime with a

12.5% corporate tax rate, one of the lowest in EU, and can utilise the Double Tax Treaty

with Saudi Arabia which came into effect on 1 st of January 2020.

Equally important is Cyprus’ high quality of life in a safe and friendly international

environment, a strong and first-rate education system and schools, which makes

Cyprus an attractive destination to relocate.


66


What new prospects and opportunities could

be cultivated to facilitate more business

between Cyprus and Saudi Arabia?

T

here are many business opportunities across various sectors, both in Cyprus and

in Saudi Arabia, for companies to build on. Indicatively I would like to highlight the

following sectors.

In the construction sector companies in Cyprus have both the technological

knowledge and capabilities to take on a big range of construction projects in Saudi

Arabia.

In terms of headquartering, following Brexit and the approval of the Fast Track

Business Activation mechanism by the Cypriot Council of Ministers in September

2020, Cyprus is now an attractive destination for the establishment of business

entities from Saudi Arabia which have activities in the European Union. In addition,

Cyprus’ modern and favourable legal environment make it an ideal location for the

establishment of investment funds from Saudi Arabia.

Cyprus is an international player in shipping and ship management having one

of the most competitive and high-quality flags and at the same time offering firstrate

ship management services. Given the high export activity of Saudi Companies

such as Aramco Trading in the Mediterranean, Cyprus could also potentially offer oil

product storage, mixture and ‘ship-to-ship’ transfers, especially given its strategic

geographic location and its already existing infrastructure.

Start-up companies from Saudi Arabia could make use of Cyprus’ beneficial

corporate and investment environment, its membership to the EU as well as the

good relationships Cyprus has with neighbouring countries, while Cypriot start-up

companies could benefit from Saudi’s investment appetite for new technologies and

innovations.

Our country is a comprehensive travel destination encompassing modern

infrastructure and an advanced tourism and hospitality sector. Given the Kingdom’s

focus on the development of the tourist industry in Saudi and the proximity with

Cyprus, we see great cooperation opportunities for companies in this sector.

In the education sector, forming connections between universities in Cyprus and

Saudi Arabia that would enable collaboration in both teaching and research would

give these universities the opportunity to be more competitive internationally.

Moreover, through such a collaboration, Saudi Arabian universities would become

eligible for both EU funding and participation in European Programmes. These

institutions could also organise conferences and symposiums together.

In terms of foreign direct investment, there are worthwhile opportunities to

invest in university institutions, hotel establishments, hospitals and clinics, banks,

renewable energy projects as well as ports and marinas. And as for the Cyprus Stock

Exchange (CSE) and given the interest that the Saudi Arabian Stock Exchange receives

from international investors, we consider that double listing important companies in

both our stock exchanges would be beneficial. This would facilitate foreign investor

transactions to Saudi Arabian companies that are referred from a European Exchange.


67


How does the Cyprus-Saudi Arabia Business

Association support and foster business

links between the two countries?

T

he Cyprus–Saudi Arabia Business Association was established in September

2020 and operates under the auspices of the Cyprus Chamber of Commerce

and Industry. In that respect it is working very closely with the Federation of Saudi

Chambers of Commerce (FSCC), the Riyadh Chamber of Commerce and the Jeddah

Chamber of Commerce to act as a bridge between the two business communities and to

facilitate companies from both countries to explore opportunities both in Saudi and in

Cyprus. The cooperation with the Saudi Chambers was formalised via the cooperation

agreement that was signed with the FSCC on June 7, 2022 to form the Saudi–Cyprus

Business Council which will comprise of members from both business communities.

One of the main tools we use to foster and support the business links between the

two countries is the organisation of business delegations. These delegations act as

a platform for businesses from both countries to meet and explore opportunities of

mutual interest. We organised our first business delegation to Riyadh and Jeddah at the

beginning of June this year and we are discussing with the FSCC to organise a similar

business delegation from Saudi to Cyprus in the near future.

Furthermore, the Cyprus–Saudi Arabia Business Association works very closely

with all ministries and especially the Embassy of Saudi Arabia in Nicosia and the

Embassy of Cyprus in Riyadh to promote local businesses and projects and to create

a solid foundation to build sustainable trade relations between the two countries.

To that effect, our Association’s agenda includes, amongst other things, to work

closely with all stakeholders to establish direct flights between the two countries, to

streamline the visa issuing process for Saudi nationals when visiting Cyprus, and to

establish a Bilateral Investment Protection Treaty. n


68


BUSINESS OPERATING ENVIRONMENT

DOING

BUSINESS

INCYPRUS

€

Cyprus’ business-friendly infrastructure and cando

attitude has brought it worldwide recognition

as an international business centre. The country

offers a winning package for both international

entrepreneurs and investors with its sophisticated

business environment, highly skilled workforce

and cost-effective, yet high quality of life.


69


BUSINESS CULTURE

Respect, hospitality and personal trust are the cornerstones of the Cypriot business

environment. An island nation with a long history of dealing with foreign traders

and businesses, Cypriot businesspeople are international in their outlook and astute

and knowledgeable in their negotiations. Punctuality is expected, business dress is

formal for both men and women, especially at the beginning of a business relationship,

and even in warm weather. Most Cypriots prefer face-to-face meetings to telephone

conferences or written communications, which are regarded as too impersonal, and

place great importance on building personal relationships with business partners or

connections. Trust is the key to successful business dealings in Cyprus.

LANGUAGE

Greek and Turkish are the official languages of Cyprus. However, English, the

legacy of the British who ruled Cyprus from 1878 to 1960, is widely spoken and is

the language of business. Many Cypriots also speak French, German or Russian.

BUSINESS HOURS

Office hours are generally 8.30am to 1.00pm and 2.00pm to 5.30pm, Monday to

Friday. Although in summer some offices take a longer lunch break or finish early.

Nicosia


70


BUSINESS COSTS

An EU base within the eurozone, Cyprus remains one of the few international

business centres offering low operational costs and a high standard of living.

Office space and residential property in Nicosia, the capital and major business

centre, is relatively inexpensive when compared to other European capitals.

In terms of cost of living, Cyprus remains one of the most advantageous places to

live, with cost of living lower than in most Western European countries. At the same

time, residents of Cyprus enjoy a high standard of living and exceptional quality of

life, as the balmy climate and low crime rate offer both comfort and peace of mind.

Business Costs Cyprus EU27 Average

Labour (business sector) €18.30 €29.10

Communications (services & equipment)* 109 100

Electricity (households) €0.2204/kWh €0.2369/kWh

Electricity (non-households) €0.1946/kWh €0.1445/kWh

* EU average is set to equal 100

Source: Eurostat (2021)

Limassol Marina

COMMERCIAL AND RESIDENTIAL PROPERTY

Cyprus offers a full range of properties for both commercial and residential use

situated in key locations across the island. While the exclusive, top-level market

is currently the most sought after, the island has a good stock of properties available,

from townhouses and apartments, to villas and seaside bungalows in five-star gated

developments. Nicosia and Limassol are the main business centres. Office space

is available in purpose-built office blocks, in converted houses or flats. A number of

business centres also offer ready-to-move-into offices. They usually include fully

equipped offices that are available on demand with flexible terms, meeting rooms

and a receptionist service. Overall, rentals are around two-thirds of those charged

for comparable commercial spaces in continental Europe, and offices, retail or other

commercial space is widely available for purchase or for rent.


71


300

200

COMPARISON OF ESTIMATED AVERAGE RENT LEVELS

FOR FLATS, 2021 (BRUSSELS = 100)

European

Union

Europe

(others)

100

0

225

216

199

199

197

171

134

128

122

122

119

109

104

100

99

99

Dublin

Copenhagen

Paris

Luxembourg

Stockholm

Helsinki

Berlin

The Hague

Madrid

Vienna

Lisbon

Rome

Vilnius

Brussels

Valletta

Ljubljana

Budapest

Tallinn

Athens

Prague

Zagreb

Riga

Bratislava

Warsaw

Bucharest

Nicosia

Sofia

London

Geneva

Rejkjavik

Oslo

Podgorica

98

98

98

96

94

84

81

74

71

64

46

278

227

188

178

54

Note: Rents in currencies other than the Euro were converted according to the exchange rate as of 1 July 2021.

Source: Eurostat

OFFICE SPACE

In terms of office rental and sales prices, Limassol continues to be the most expensive

region followed by Nicosia, Larnaca, Paphos and Famagusta respectively.

OFFICE SALE AND RENTAL PRICES PER CITY (2022)

Sale Prices (per m 2 ) Rental Prices (per m 2 )

Famagusta €1,300-€1,500 €6-€10

Larnaca €1,800-€2,500 €8-€10

LImassol €4,500-€6,500 €20-€40

Nicosia €3,500-€4,500 €12-€22

Paphos €1,400-€2,000 €7-€10

Source: Danos International Property Consultants

HUMAN RESOURCES

Well-trained and versatile, the Cypriot workforce is one of the island’s most

valuable resources, offering high standards of productivity, technical expertise

and professional excellence at reasonable costs to businesses.

According to the Statistical Service in Cyprus, the country records the most higher

education graduates per capita (age 30-34) in the European Union.

The Cypriot labour force amounted to 482,385 persons or 65.1% of the population

(males 71.2%, females 59.5%) in the Q2 of 2022. The biggest percentage of employed

persons was in services (80.7%), followed by manufacturing (16.8%) and agriculture

(2.5%).


72


SALARY SURVEY 2022 Source: GRS Recruitment

JOB TITLE LOW (€) MID (€) HIGH (€)

Management CEO 60,000 100,000 150,000

Executive Director 60,000 100,000 140,000

CFO 65,000 80,000 120,000

Accounting & Finance Financial Controller 55,000 60,000 75,000

Finance Manager / Senior Accountant 40,000 55,000 65,000

Accountant / Auditor (Qualified) 34,000 38,000 45,000

Accountant / Auditor (Part Qualified or QBE) 24,000 30,000 36,000

Account Assistant 16,000 22,000 25,000

HR Department Head of HR / Group of HRM 55,000 80,000 120,000

HR Manager 40,000 50,000 60,000

HR Executive 18,000 21,000 24,000

Legal Deparment Head of Legal / Group Legal Head 60,000 90,000 130,000

Legal Advisor (Qualified Lawyer) 24,000 39,000 54,000

Legal Assistant / Paralegal / None Qualified Lawyer 18,000 20,000 24,000

Compliance, Anti-Money Head of Compliance 50,000 64,000 72,000

Laundering (AML), Counter - Compliance / AML / CTF / Manager 42,000 46,000 52,000

Terrorist Financing (CTF) Compliance / AML / CTF / Officer 26,000 32,000 40,000

Dealing Room Chief Dealer 45,000 52,000 60,000

Dealer 24,000 33,000 45,000

Junior Dealer 18,000 20,000 22,000

IT Development Head of IT / CTO 60,000 80,000 140,000

IT Manager / Development Manager 50,000 60,000 80,000

Quality Assurance (QA) / Tester 26,000 36,000 46,000

IT Technician 20,000 24,000 36,000

Developer* 28,000 42,000 60,000

Marketing Department Head of Marketing 42,000 50,000 72,000

Marketing Officer 24,000 30,000 36,000

Digital Marketing Specialist (Social, PPC / SEO) 26,000 34,000 42,000

Marketing Executive 18,000 22,000 24,000

Graphic Designer 24,000 30,000 36,000

Content Writer 24,000 32,000 40,000

Sales Department Head of Sales 42,000 60,000 75,000

FX Sales* 20,000 24,000 30,000

Sales Executive (Industries other than FX / Fintech) 18,000 22,000 26,000

Administration Office Manager / PA / EA 18,000 28,000 39,000

Administator / Receptionist 17,000 20,000 24,000

Corporate Administrator 20,000 28,000 36,000


73


Taxation

Cyprus offers one of the most attractive tax regimes

in Europe. A member of the European Union since

2004, Cyprus’ regulatory regime is in full compliance

with the requirements of the EU and OECD. Cyprus has

one of the lowest EU corporate tax rates at 12.5%. The

island’s advantageous tax rate coupled with an extensive

list of double tax treaties places it high on the list of

preferred jurisdictions for international tax planners.

CORPORATION TAX

The Corporation Tax Rate in Cyprus is 12.5%.

BASIS OF TAXATION

All companies that are tax residents of Cyprus are taxed on their income accrued or

derived from all sources in Cyprus and abroad. A non-Cyprus tax resident company

is taxed on income accrued or derived from a business activity which is carried out

through a permanent establishment in Cyprus and on certain income arising from

sources in Cyprus. A company is considered tax resident of Cyprus if it is managed and

controlled from Cyprus.

Trilogy, Limassol


74


SPECIAL TYPES OF COMPANIES

SHIPPING COMPANIES

The Merchant Shipping Legislation, fully approved by the EU, provides for an exemption

from all direct taxes and taxation under tonnage tax regime. The merchant shipping

legislation applies to qualifying shipowners, charterers and ship managers, which

are involved with the operation of qualifying community ships (ships under a CY flag

or a flag of an EU member state or of a country in the European Economic Area) and

foreign (non-community) ships (under conditions) and provided that they engage in

qualifying activities. The legislation allows non community vessels to enter the tonnage

tax regime provided the fleet is composed by at least 60% community vessels. If this

requirement is not met, then non community vessels can still qualify if certain criteria

are met. Exemption is also given in relation to the salaries of officers and crew aboard

a Cyprus ship.

INSURANCE COMPANIES

Profits of insurance companies are liable to corporation tax similar to all other

companies except in the case where the corporation tax payable on taxable profit of life

insurance business is less than 1.5% of the gross premium. In this case the difference is

paid as additional corporation tax.

ADMINISTRATION AND COMPLIANCE

The tax year is the calendar year. The accounts of a company may be closed on a date

different from 31 st of December, in which case taxable profits are apportioned on a time

basis relevant to the tax years.

CONSOLIDATED RETURNS

Taxation on a consolidated basis is not permitted and each company is required to

submit a separate standalone tax return. A set-off of group losses is possible provided

there is a 75% parent subsidiary relationship, including subsidiaries under 75% control

of a common parent company. Group loss relief is available only between resident

companies (and EU-based companies/companies with which Cyprus has concluded a

double tax treaty, provided that they have exhausted all options to utilise the losses in

their country of residence).

FILING REQUIREMENTS

Corporate tax returns must be filed electronically by the 31 st of March of the year following

the year under consideration (i.e. 15 months from the year-end). Companies are required

to pay provisional tax in two equal instalments by 31 st of July and 31 st of December of the

year under consideration. Any underpayment is due to be settled via self-assessment by

1 st of August of the following year. If the income declared for the payment of the provisional

tax is lower than 75% of the actual income as finally determined, an additional tax equal

to 10% of the difference between the final and provisional tax is payable.


75


PERSONAL INCOME TAX

BASIS OF TAXATION

All Cyprus tax residents are taxed in Cyprus on all income accrued or derived from

all sources in Cyprus and abroad such as employment income, rental income etc. (i.e.

worldwide income).

Individuals who are not tax residents of Cyprus are taxed on income accrued or

derived from sources in Cyprus.

An individual is tax resident in Cyprus if one of the following conditions are met:

• he/she spends physically in Cyprus over 183 days during the relevant tax year, or

• he/she does not remain in any other state for one or more periods which altogether

exceed 183 days in the same tax year and he/she is not tax resident in any other

state for the same tax year and all the following conditions are cumulatively met:

• he/she should remain in Cyprus for at least 60 days during the tax year

• he/she should pursue any business in Cyprus and/or to work in Cyprus and/or to

be a director in a company tax resident in Cyprus at any time during the tax year

• he/she should maintain a permanent residence in Cyprus,

which can be either owned or rented by him/her

The personal income tax rates that apply to individuals are as follows:

Taxable Income TaxRate (%) Tax (€) Accumulated Tax (€)

0-19,500 0 0 0

19,501- 28,000 20 1,700 1,700

28,001-36,300 25 2,075 3,775

36,301-60,000 30 7,110 10,885

60,001 and over 35


76


TAX INCENTIVES FOR EXPATRIATE EMPLOYEES TAKING UP EMPLOYMENT IN CYPRUS:

The individuals who were non-Cypriot tax residents prior to the commencement of

their employment, but become Cypriot tax residents afterwards, are eligible for a 50%

exemption from income tax if all the following conditions are met:

• their remuneration from the employment exercised

in Cyprus is over €55,000 per annum; and

• they were not tax residents of Cyprus for 10 consecutive years

prior to the commencement of their employment; and

• the exemption is available from 1 January 2022, it is granted from the first

year of employment and it can be enjoyed for a period of 17 years

• individuals with annual remuneration below €55,000 who were non-Cypriot

tax residents in the 3 years preceding their employment, are eligible for a 20%

exemption from income tax (maximum exempt amount is €8,550 per year)

The exemption is available from the 1 st of January following the year of commencement

of the employment and can be enjoyed for a period of 7 years.

It is important to note that the above provisions were recently introduced (published

in the Official Gazette of the Republic on 26/07/2022 ) as amendments to the previous

rules that were applicable until the publication date. The amended provisions also

include certain transitional provisions that may enable the individuals that claimed

the exemptions based on the previous rules to enjoy the exemptions based on the

provisions included in the new rules. Furthermore, the individuals that do not fall within

the transitional provisions, are eligible to continue claiming the exemption based on the

previous rules for the remaining years, without being affected by the new rules.


77


SUBMISSION OF TAX RETURNS

The tax year is the calendar year. Tax on employment income is withheld by the

employer under the PAYE system and remitted to the tax authorities.

Self-employed individuals pay tax through the provisional and self-assessment

systems. Tax returns must be filed electronically by 31 st of July following the tax year for

employees, 30 th of September for self-employed persons who are not required to file

audited/reviewed financial statements and 31 st of March of the year following the year

under consideration (i.e. 15 months from the year-end) for self-employed persons whose

returns are accompanied by audited/reviewed financial statements. Sole proprietors with

an annual turnover of more than €70,000 are obliged to prepare financial statements

that are either audited or are subject to a review by a statutory auditor (in case their

net turnover does not exceed the amount of €200,000 and the total value of the assets

without deducting liabilities does not exceed the amount of €500,000).

Limassol Seafront

VALUE ADDED TAX (VAT)

Imposition of Value Added Tax (VAT) is imposed on the supply of all goods and services

in Cyprus, on the acquisition of goods from other Member States and on the importation

of goods from third countries. The standard rate of 19% applies to the supplies of all

goods and services in Cyprus which are not subject to the zero rate, the reduced rates

(5% and 9%) or are not exempt. Cyprus constitutes an attractive EU VAT jurisdiction

applying several options permissible by the EU Directive among others a flexible VAT

Grouping. As long as the pre-requisite links are satisfied, and governmental revenues

are not put into jeopardy, related entities can form a VAT group disregarding intragroup

transactions and having a representative member submitting a single VAT

return. Even such entities not incorporated in Cyprus can form a VAT Group in case

they are tax resident or possessing an establishment in Cyprus.

SPECIAL CONTRIBUTION FOR DEFENCE

Special contribution for defence (SDC) is imposed on the dividend, interest and rental

income earned by Cypriot tax resident and domiciled individuals. Non-domiciled

Cypriot tax residents are exempt from SDC.


78


KEY FEATURES OF THE CYPRUS TAX SYSTEM

Simple, transparent and EU harmonised tax system

following recommended OECD practices.

Enjoys the tax benefits of EU Directives (Parent – Subsidiary Directive,

Merger Directive and Interest and Royalties Directive).

Extensive Tax Treaty network with 67 countries.

A corporate income tax rate of 12.5%, one of the lowest within the

EU with possibility to enjoy a much lower effective tax rate.

Availability of a Notional Interest Deduction for companies

receiving new equity funding. The tax deduction can reach up to

80% of the taxable income generated by the new equity.

IP Box regime based on the nexus approach which allows 80% deemed

deduction on qualifying profits from the business use of qualifying IP.

Increased deduction of 20% on the actual expenditure incurred for scientific

research as well as research and development, subject to conditions.

Attractive Tonnage Tax (TT) regime for ship owners, managers and charterers.

Attractive tax jurisdiction for funds and attractive tax regime for fund managers.

Capital gains are exempt from tax (except for capital gains arising

from the disposal of immovable property located in Cyprus).

Profits of a foreign Permanent Establishment exempt from tax.

Gains from trading in securities (shares, bonds and certain

other financial instruments) are exempt from tax.

Unilateral credit relief for foreign taxes.

No withholding tax on dividend, interest or royalty payments

(for use of royalties outside of Cyprus) made abroad.

No taxes on entry and on qualifying reorganisations.

Carry forward of tax losses for five years.

Tax incentives for expatriate employees taking up

employment in Cyprus (20%/50% exemption).

Dividend income and interest income are exempt from SDC for

non-domiciled individuals taking up tax residency in Cyprus.

Possibility to obtain Cyprus tax residency by spending

only 60-days in Cyprus (subject to conditions).

No inheritance tax.

No immovable property tax.


79


WHO’S

WHO

CYPRUS BUSINESS DIRECTORY

The definitive guide

to Cyprus’ leading

companies, executives

and professional advisers.


80


ACCOUNTING & AUDITING

A. Zemenides & Co Ltd..................................................................................................................................... 83

Baker Tilly South East Europe...................................................................................................................... 83

Deloitte Cyprus.................................................................................................................................................... 83

Demetriou & Associates Business Advisers Ltd (DBA).................................................................... 83

Joannides + Co Ltd..............................................................................................................................................84

KPMG........................................................................................................................................................................84

PwC Cyprus............................................................................................................................................................84

ServPro Accountants & Consultants........................................................................................................84

ASSOCIATIONS

Association of Cyprus Banks........................................................................................................................ 85

Cyprus Cannabis Association (CYCA)....................................................................................................... 85

Cyprus Chamber of Commerce and Industry..................................................................................... 85

Cyprus Fiduciary Association...................................................................................................................... 85

Cyprus Healthcare Tourism (CHT).............................................................................................................86

Cyprus Hotel Association...............................................................................................................................86

Cyprus International Business Association (CIBA)..........................................................................86

Cyprus Investment Funds Association (CIFA).....................................................................................86

Cyprus Shipping Chamber............................................................................................................................ 87

Cyprus Union of Shipowners (CUS).......................................................................................................... 87

Insurance Association of Cyprus............................................................................................................... 87

Society of Trust and Estate Practitioners (STEP) ............................................................................... 87

The Cyprus Employers & Industrialists Federation (OEB)............................................................88

The Cyprus Tech Association.......................................................................................................................88

The Institute of Certified Public Accountants of Cyprus (ICPAC)..............................................88

BANKING

Bank of Cyprus PLC............................................................................................................................................88

cdbbank (The Cyprus Development Bank Public Company Ltd)................................................89

Eurobank Cyprus Ltd........................................................................................................................................89

Societe Generale Bank – Cyprus................................................................................................................89

CONSULTING

e-CNHC – E-C Natural Hydrocarbons Company Ltd.......................................................................89

PIVOT Consultants (Cyprus) Limited........................................................................................................90


81


CORPORATE SERVICES

Alter Domus (Cyprus) Ltd...............................................................................................................................90

Andersen.................................................................................................................................................................90

Aspen Trust Group.............................................................................................................................................90

ATG Corporate Services....................................................................................................................................91

Executive Business Constultants Ltd........................................................................................................91

GFSC Global............................................................................................................................................................91

KENDRIS (Cyprus) Limited.............................................................................................................................91

Pagecorp Group................................................................................................................................................... 92

Sovereign Group – Cyprus............................................................................................................................. 92

Trident Trust Company (Cyprus) Limited.............................................................................................. 92

Vistra (Cyprus) Ltd.............................................................................................................................................. 92

ECONOMIC ANALYSIS

Sapienta Economics Ltd.................................................................................................................................. 93

ENERGY

Cyprus Hydrocarbons Company (CHC)................................................................................................... 93

EXECUTIVE EDUCATION

European Institute of Management and Finance (EIMF).............................................................. 93

FINANCIAL ADVISORY

MAP S.Platis Group............................................................................................................................................ 93

FUND ADMINISTRATION

ATG Fund Services............................................................................................................................................. 94

FUND MANAGEMENT

Inveqo Fund Management Ltd..................................................................................................................... 94

IXI Investments................................................................................................................................................... 94

Leon MFO Investments Ltd............................................................................................................................ 94

Wealth Fund Services Ltd............................................................................................................................... 95

INVESTMENT PROMOTION

Invest Cyprus........................................................................................................................................................ 95


82


INVESTMENT SERVICES

Windsor Brokers Ltd......................................................................................................................................... 95

LAW FIRMS

A.G. Paphitis & Co LLC....................................................................................................................................... 95

Agni Livera LLC.................................................................................................................................................... 96

Andreas Th.Sofokleous LLC........................................................................................................................... 96

Antonis Paschalides & Co LLC...................................................................................................................... 96

Areti Charidemou & Associates LLC......................................................................................................... 96

E. Tzioni & Associates LLC...............................................................................................................................97

Elias Neocleous & Co LLC.................................................................................................................................97

George Z. Georgiou & Associates LLC.......................................................................................................97

L Papaphilippou & Co LLC................................................................................................................................97

N. Xenofontos LLC Law Firm.........................................................................................................................98

Patrikios Pavlou & Associates LLC.............................................................................................................98

Pourgoura & Aspri LLC.....................................................................................................................................98

Stelios Americanos & Co LLC........................................................................................................................98

NON PROFIT

Cyprus Seeds......................................................................................................................................................... 99

REAL ESTATE

Cybarco Development Ltd.............................................................................................................................. 99

Korantina Homes............................................................................................................................................... 99

Pafilia Property Developers Ltd................................................................................................................... 99

Quality Group.....................................................................................................................................................100

Trilogy Limassol Seafront ...........................................................................................................................100

RECRUITMENT

CareerFinders Recruitment Services Limited..................................................................................100

GRS Recruitment .............................................................................................................................................100

RESEARCH INSTITUTION

The Cyprus Institute ........................................................................................................................................101

WEB DEVELOPMENT

Ideaseven Digital...............................................................................................................................................101


83



AFXENTIS ZEMENIDES

MANAGING DIRECTOR

A. ZEMENIDES & CO LTD

A.ZEMENIDES & CO LTD is a boutique firm of auditors, accountants,

tax consultants and business advisors based in Limassol, Cyprus.

We aim to provide excellent service in a professional manner and

of the highest standards to our clients, both local and international.

We aim to act as one-stop-shop for our clients providing them a

full range of services. The boutique nature of our firm ensures that

the clients enjoy personalized attention. Through our participation

in the international network of associates IR GLOBAL we provide

solutions to corporate and individual clients worldwide. Our

objective is to assist our clients to achieve their goals.

Omirou Street 61, Joanna Court,

3rd Floor, 3091 Limassol - Cyprus

Contact: Afxentis Zemenides

- Managing Director

(+357) 25 745 800

azemenides@zemenides.com.cy

www.zemenides.com.cy


MARIOS A. KLITOU

CHIEF EXECUTIVE OFFICER

BAKER TILLY SOUTH EAST EUROPE

Baker Tilly South East Europe is a full-service accounting

and advisory firm, that offers industry specialised services

in assurance, tax and advisory. Every day, more than 500

professionals located in 16 offices throughout South East Europe

(Cyprus, Greece, Romania, Bulgaria and Moldova) share their

expertise to accelerate your business growth, by operating under a

unified structure, directed by a single, central management team

of 44 directors. At Baker Tilly, we are ready now, for tomorrow’s

challenges. We believe in the power of great relationships, by

leading and listening to great conversations. Baker Tilly South East

Europe is an independent member of Baker Tilly International, one

of the world’s leading networks, uniting independent companies

to provide top-quality professional services in both international

and regional markets.

Corner C Hatzopoulou & 30

Griva Digheni Avenue,

1066 Nicosia, Cyprus P.O.Box

27783, 2433 Nicosia - Cyprus

Contact: Marios A. Klitou -

Chief Executive Officer

(+357) 22 458 500

info@bakertilly.com.cy

www.bakertilly.com.cy


PIERIS MARKOU

CEO, DELOITTE CYPRUS

DELOITTE CYPRUS

Deloitte Limited is among the leading professional services firms

in Cyprus, providing audit & assurance, consulting, financial

advisory, risk advisory, tax and related services, as well as a

complete range of services to international business, through

over 750 people in Nicosia and Limassol. Deloitte Limited, is the

sub-licensed affiliate for Cyprus of Deloitte NSE LLP. As part

of the Deloitte global network, with more than 345,000 people

in over 150 countries and territories, Deloitte Limited has the

advantage of global sharing of knowledge with local adaptation

and personal approach, built on the solid foundations of over 60

years of successful operations on the island.

24 Spyrou Kyprianou Avenue,

CY 1075, Nicosia - Cyprus

Contact: Michelle Karaolides -

Head of Marketing & Communications

(+357) 22 360 300

infonicosia@deloitte.com

www.deloitte.com/cy


ELIAS DEMETRIOU

DIRECTOR

DEMETRIOU & ASSOCIATES BUSINESS ADVISERS LTD (DBA)

dba was established in 2017 by a team with more than 30 years

experience in the professional financial services industry.

The company provides an extensive range of services on most

financial matters including auditing, accounting, taxation,

financial and business consulting. We also specialise in the

formation and management of companies, liquidation and

dissolution of companies, the creation and administration

of trusts and estates, IT consulting, and much more. dba

comprises of 3 directors and more than 20 members of staff.

Our commitment is to provide exceptional quality services to

our clients, tailored to all their needs. dba is passionate about

ideas, innovation, and always adopts a forward-looking proactive

approach. The firm is a member of DFK International, the

number 6 Association in the world.

1 Salaminos Avenue, 1045 Nicosia - Cyprus

Contact: Elias Demetriou – Director

(+357) 22 799 900

e.demetriou@dbacy.com

www.dbacy.com


84



DAVINIA JOANNIDOU

DIRECTOR

JOANNIDES + CO LTD

Joannides + Co. Ltd is a leading firm of accountants and

management consultants established in Cyprus for over 40

years providing audit and assurance, taxation, business support

services and management consulting to international companies

and private clients. The firm has offices in Nicosia, Limassol

and Larnaca offering its services with the utmost integrity,

independence and objectivity with the aim to add significant

value to its clients’ business performance. Joannides + Co. Ltd

is a member of AGN International Ltd, a worldwide association

of independent accounting and consulting firms operating in

85 countries, is an approved training centre of the professional

accounting institutes ICAEW and ACCA and in 2010 was awarded

the quality award certification from the Institute of Certified

Public Accountants of Cyprus.

13, Agiou Prokopiou Str. 2406

Egkomi, Nicosia - Cyprus

P.O.Box 25411, Nicosia 1309 - Cyprus

Contact: Davinia Joannidou - Director

(+357) 22 556 556

cy@joannides.com.cy

www.joannides.com.cy


CHRISTOS V. VASILIOU

MANAGING DIRECTOR

KPMG

KPMG is a global organisation of independent professional services

firms providing Audit, Tax and Advisory services. KPMG operates

in 144 countries and territories and has approximately 236.000

people working in member firms around the world. KPMG has

been operating in Cyprus since 1948 and currently employs more

than 850 professionals working from 6 offices across the island

(Nicosia, Limassol, Larnaka, Paralimni, Pafos, Polis Chrysochous).

By utilising the whole spectrum of KPMG International services

and the deep knowledge in all major industries, KPMG provides its

clients with solutions which address their unique characteristics.

Clients look to KPMG for a consistent standard of service based

on high-order professional capabilities, industry insight, local

knowledge and expertise.

14 Esperidon Street, 1087, Nicosia - Cyprus

Contact: Maria A. Papacosta -

Board Member, Head of Clients and Markets

(+357) 22 209 000

maria.papacosta@kpmg.com.cy

www.kpmg.com.cy


PHILIPPOS SOSEILOS

CEO, PwC CYPRUS

PWC CYPRUS

In a world that is constantly evolving, our aim at PwC Cyprus is to

find the right solutions to complex problems. We focus on quality

and build strong relationships based on trust, creating value for

our clients, stakeholders and society. Based on PwC’s new global

strategy, “The New Equation”, we look at problems from different

angles and present innovative solutions that make a difference

and lead to sustained outcomes. More than 1,000 people in Cyprus

join forces with 327,000 professionals of our global network in

155 countries and create an experienced team that combines

intelligent approaches, experience and technological innovation.

www.pwc.com.cy

PwC Central, 43 Demostheni Severi Avenue,

CY-1080 Nicosia - Cyprus

Contact: Konstantina Logotheti -

Director, Marketing & Communications

(+357) 22 555 000

konstantina.logotheti@pwc.com

www.pwc.com.cy


PETROS THEODOTOU

FCCA

FOUNDER & CEO

SERVPRO ACCOUNTANTS & CONSULTANTS

ServPRO is a team of accountants, auditors, lawyers and

consultants. A practicing member of ICPAC and ACCA, a National

Member of Auditaxes International, an ACCA Approved Employer,

an ISO 9001:2015 and an ISO 27001:2013 Certified Company.

Our areas of expertise are Accounting & Finance, Advisory &

Consulting, Audit & Assurance, Corporate & Legal, Economic

Substance and Taxation. We have a stellar track record in

delivering practical solutions to corporate and individual clients

with a spherical, solution-driven and detail-oriented approach,

while demonstrating an aptitude of professionalism, integrity and

commercial acumen. During the remarkable year of 2021, we have

celebrated 10 years of delivering an impeccable quality of services

and practical solutions across a diversified range of industries to a

growing multinational clientele.

Accountants & Consultants

1 Kinyra Street, Kinyras Tower,

3rd Floor, 1102 Nicosia - Cyprus

Contact: Petros Theodotou FCCA -

Founder & CEO

(+357) 22 021 100

info@servpro.com.cy

www.servpro.com.cy


85


ASSOCIATION

DR. MICHAEL KAMMAS

DIRECTOR GENERAL

ASSOCIATION OF CYPRUS BANKS

Through its representation of ten member banks that hold more

than 95% market share, the Association of Cyprus Banks (ACB)

is the voice of the local banking system. Its primary target is to

promote best practices for the interest of the banking sector

and the local economy. The ACB is a non-profit organization

through which common positions are formulated and promoted

on banking and financial issues when local legislative and

governmental policies are determined. Through its more than

53 years of operations, the ACB has gained the reputation of a

prudent, reliable and consistent partner for various policy makers,

organizations, media, institutions and the local society.

15 Demetriou Karatasou Str, Office 401,

P.O. Box 16113, 2086 Nicosia - Cyprus

Contact: Dr. Michael Kammas

- Director General

(+357) 22 664 293

info@acb.com.cy

www.acb.com.cy

ASSOCIATION

ANDRIA ANDREOU

PRESIDENT

CYPRUS CANNABIS ASSOCIATION (CYCA)

CYCA was formed in October 2019 under the auspices of Cyprus

Chamber of Commerce & Industry. We are leading the collective of

individuals and businesses that will build the legal Cannabis Ecosystem

in Cyprus, and advancing the interests of a responsible,

compliant, transparent and high-quality industry. As global

recognition of the benefits of legal Cannabis increases with

governments around the world steadily moving to full legalization,

there is a burgeoning need for high-quality products with known

components; cultivated at large scale for consistent, reliable supply

to users. Cyprus is primely positioned as an attractive center of

excellence for production; research; genetics, and intellectual

property from which the legal Cannabis industry can flourish.

38 Grivas Dhigenis Ave. & 3 Deligiogis

1066 Nicosia - Cyprus

Contact: Andria Andreou - President

(+357) 99 672 366

a.andreou@cy-ca.org

www.cy-ca.org

ASSOCIATION

CHRISTODOULOS E.

ANGASTINIOTIS

PRESIDENT

CYPRUS CHAMBER OF COMMERCE AND INDUSTRY

The Cyprus Chamber of Commerce and Industry (CCCI) membership

exceeds 10.000 enterprises representing over 95% of the local

business community. 160 Professional Associations are affiliated

to the CCCI including 41 Bilateral Associations. Its wide range of

services include advisory, provision of business information,

foreign trade exhibitions, trade missions & business fora abroad,

business training courses & seminars, advice on European Union

issues, labour relations matters, issue of Certificates of Origin and

ATA-CARNETS and participation in EU programmes. CCCI is a full

member of 12 International organizations including Eurochambers,

the International Chamber of Commerce, SME United,

Eurocommerce, GS1 and many other international organisations.

Follow us on twitter @ccci_cyprus.

38, Grivas Digenis Ave. &

3 Deligiorgis Str. Chamber Building - Cyprus

Contact: Marios Tsiakkis - Secretary General

(+357) 22 660 066

secgen@ccci.org.cy

www.ccci.org.cy

ASSOCIATION

CHRIS KOUTOUROUSSIS

PRESIDENT

CYPRUS FIDUCIARY ASSOCIATION

The Cyprus Fiduciary Association (CYFA), established in 2011,

is the representative body of regulated Administrative Service

Providers (ASP’s) in Cyprus. With a vision to assist in forming a

solid international business sector in Cyprus operating on high

professional standards, ethics and integrity, the Association aims

to serve industry providers by promoting their interests, raising

sector awareness, supporting their operations, contributing to

new legislations and delivering valuable training to professionals.

The Association’s commitment to its purpose has established it

among the most reputable and recognised organisations within

the country, before public and regulatory authorities, other

associations, as well as the business community in Cyprus and

overseas.

6, Emmanuel Roide Street, Fourth floor,

Office 402, 1095, Nicosia - Cyprus

(+357) 22 256 263

info@cyfa.org.cy

www.cyfa.org.cy


86


ASSOCIATION

YIOTA SKITINI-

FLOURENTZOU

PRESIDENT

CYPRUS HEALTHCARE TOURISM (CHT)

The Cyprus Healthcare Tourism (CHT) is a non-profit organization

that was founded in November 2006 after an initiative taken by the

Cyprus Chamber of Commerce and Industry (CCCI) aiming to develop

and promote Cyprus as a high quality Health Tourism destination. The

CHΤ currently has more than 80 members who are actively involved

in the Cyprus Health Tourism Industry. These vary from state-of-theart

hospitals and clinics to specialized travel agencies, wellness and

rehabilitation centres as well as consulting firms. Most of the largest

and best equipped hospitals are members of the CHΤ and they are all

licensed by the Cyprus Government and comply with EU regulations.

Some of them have moved a step ahead towards gaining international

accreditations.

38 Grivas Dighenis & 3 Deligiorgis

Street, Nicosia - Cyprus

T: (+357) 22 889 744

Contact: Polis Peratikos - Executive Secretary

E: cyprushealth@ccci.org.cy

W: www.cyhealthservices.com

ASSOCIATION

HARIS LOIZIDES

PRESIDENT

CYPRUS HOTEL ASSOCIATION

The Cyprus Hotel Association is the Hoteliers National Trade

Union. The history of its foundation goes back to the beginning of

the 1930s. Today the vast majority of all hotel establishments and

other licensed tourist accommodation units, all over Cyprus, are

members of the Cyprus Hotel Association. The most important

aims of the Association are as follows: The protection and

promotion of the interests of the hoteliers as employers and as

professionals, as well as of the interests of Cyprus in general; The

promotion and upgrading of the Cyprus tourism development; The

upgrading and development of the hotel establishments in Cyprus

and the improvement of the professional level of the hoteliers; The

solidarity between its members.

Andreas Araouzos Str., No 12,

Hesperides Building, 1076 Nicosia - Cyprus

Contact: Philokypros Roussounides

- Director General

(+357) 22 452 820

cha@cyprushotelassociation.org

www.cyprushotelassociation.org

ASSOCIATION

DOXIA NIKIA

HADJIVASSILIOU

PRESIDENT

CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION

CIBA is a non-governmental, fully independent association,

financed by membership fees only. Its activities and initiatives are

organised and carried out by its General Secretary and Executive

Committee of (max.) 12 persons. CIBA represents and safeguards

the interests of the international businesses, their shareholders,

managers and staff. The authorities recognize that CIBA

represents the whole of the international business community

in Cyprus and that it is instrumental in finding compromises

between the required EU-driven legislation and international

business requirements. CIBA annually awards the prestigious

CIBA Excellence award to a member company that fulfils the

specific criteria as set out by the Association.

10 Pikionis Street, Highsight House

3075 Limassol - Cyprus

Contact: Andreas Pishias - General Secretary

(+357) 25 583 400

ciba@ciba-cy.org

www.ciba-cy.org

ASSOCIATION

ANDREAS YIASEMIDES

PRESIDENT

CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA)

CIFA is the Association of professionals, businesses, and

organizations involved in the Investment Funds and Asset

Management Sector in Cyprus. CIFA has nearly 400 members, legal

and physical. The Mission of CIFA is to: Help its members capitalize

on industry trends; Shape regulation; Enhance professionalism,

integrity, and quality and Promote the Cyprus Investment Fund

Industry. The Board is comprised of highly reputable industry

professionals experienced in all aspects of the industry. CIFA is

a full member of the European Funds and Asset Management

Association and the International Investment Funds Association.

The fund industry in Cyprus has been on a continuous increase,

with Assets under Management exceeding €11 billion.

Severis Building, 9 Makarios III Ave.,

4th Floor, Lefkosia 1065 - Cyprus

Contact: Maria Panayiotou - Board Secretary

(+357) 22 441 133

info@cifacyprus.org

www.cifacyprus.org


87


ASSOCIATION

THOMAS A. KAZAKOS

DIRECTOR GENERAL

CYPRUS SHIPPING CHAMBER

The Cyprus Shipping Chamber is the trade association of the

Shipping Industry in Cyprus. The main purpose of the Chamber

is to promote the interests of Cyprus Shipping and to further

the reputation of the Cyprus flag. The Chamber also acts as a

lobbying group for the promotion and safeguard of the legitimate

interests of its Member-companies, at national and international

level. On the local front, the Chamber co-operates very closely

with the Government in all shipping related matters. Moreover,

the Chamber operates as a roving ambassador of Cyprus

Shipping through its membership and active participation at

the International Chamber of Shipping (ICS) and the European

Community Shipowners’ Associations (ECSA).

City Chambers, 6 Regas Fereos Str.

P.O.Box 56607, 3309, Limassol - Cyprus

Contact: Thomas A. Kazakos

– Director General

(+357) 25 360 717

csc@csc-cy.org

www.csc-cy.org

ASSOCIATION

MICHAEL FILIPPOU

CEO

CYPRUS UNION OF SHIPOWNERS (CUS)

Cyprus Union of Shipowners, as the major representative

Organization of the Cyprus Flag vessels, is committed to the firm

growth of our National Registry and the establishment of Limassol

as a world-class Maritime Centre. The cooperation between

our Union, the Shipping Deputy Ministry and the Ministry of

Finance resulted to an exceptional Framework that induced

prominent Shipping Companies, P&I Clubs and other Shipping

related Service Providers to establish management offices in

Cyprus. Moreover, the solidification of the global reach of our

Union and its institutional status has curved our participation in

IMO Committees, as Government Consultants, both mandatory

and effective.

17, Gordonos Str., Suite 301,


Contact: Katerina Michael - PR Manager

(+357) 25 818 161

cus@cus.com.cy

www.cus.com.cy

ASSOCIATION

EVANGELOS

ANASTASIADES

CHAIRMAN

INSURANCE ASSOCIATION OF CYPRUS

The Insurance Association of Cyprus is the accredited and

representative body of the Cypriot insurance industry, with 29

member insurance companies operating in Cyprus, accounting

for approximately 98% of total gross written premiums. As

the leading and united voice of the Cyprus insurance market

its mission is to promote the industry’s views and positions to

policymakers and legislators. It is also particularly active with

respect to work aiming at the modernization of the sector, the

continuous improvement of the level and quality of service to the

public, the enhancement of consumers’ trust and confidence in

insurance products and their providers, and the strengthening of

the institution of insurance.

23, Zenon Sozos str., 1st floor


Contact: Andreas Athanasiades

– Director General

(+357) 22 452 990

info@iac.org.cy

www.iac.org.cy

ASSOCIATION

STELLA KAMMITSI

STEP CYPRUS CHAIRWOMAN

SOCIETY OF TRUST AND ESTATE PRACTITIONERS (STEP)

STEP is the global professional association for practitioners who

specialise in family inheritance and succession planning. STEP

works to improve public understanding of the issues families

face in this area and promotes education and high professional

standards among its members. STEP members help families

plan for their futures, from drafting a will to advising on issues

concerning international families, protection of the vulnerable,

family businesses and philanthropic giving. Today STEP has

more than 20,000 members across 96 countries from a range of

professions, including lawyers, accountants and other specialists.

The Cyprus branch of STEP numbers over 185 experienced

professionals from all over Cyprus, and is active in the spread of

industry related knowledge, through regular conferences and

presentations.

P.O.Box 24789, 1303 Nicosia - Cyprus

itsi - STEP Cyprus Chairwoman

(+357) 22 777 787

Contact: Stella Kammitsi

skammitsi@raza.com.cy

www.step.org


88


ASSOCIATION

ANTONIS ANTONIOU

CHAIRMAN

THE CYPRUS EMPLOYERS AND

INDUSTRIALISTS FEDERATION (OEB)

The Cyprus Employers and Industrialists Federation (OEB) was

founded in 1960. Today, its members are active in all sectors of

the economy and employ more than 60% of the private sector’s

workforce. OEB is a pancyprian independent organisation

comprising of more than 100 of the main professional / sectoral

Associations, as well as hundreds of companies from the

Agricultural, Manufacturing, Construction, Commercial and

Services Sectors. In total, OEB has more than 10.000 Members

/ Enterprises. OEB is established as a dynamic force in Cyprus’

socio - economic development and welfare and acts as the main

advocate and representative of the business community.

`

years

4, Cyprus Employers & Industrialists

Federation Street, 2000 Nicosia /


Contact: Michalis Antoniou - Director General

(+357) 22 643 000

info@oeb.org.cy

www.oeb.org.cy

ASSOCIATION

KYRIAKOS KYRIAKOU

PRESIDENT

THE CYPRUS TECH ASSOCIATION

The Cyprus Tech Association, a non-for-profit entity, aspires

to provide a dynamic platform for all tech professionals and

international ICT companies established in Cyprus to discuss,

promote, and address common challenges. It also provides a

formal representation to all its members to forums, public and

private entities, as well as offers direction on key strategic issues,

including the economic importance of the ICT sector and policy

advocacy.

Makariou III Avenue,

4th Floor, 1065 Nicosia - Cyprus

(+357) 22 441 133

info@techcyprus.org.cy

www.cyprustechassociation.org.cy

ASSOCIATION

KYRIAKOS IORDANOU

GENERAL MANAGER

THE INSTITUTE OF CERTIFIED PUBLIC

ACCOUNTANTS OF CYPRUS (ICPAC)

The Institute of Certified Public Accountants of Cyprus (ICPAC) is the

competent authority for regulating the accounting profession and the

sole recognised body of Auditors by the state in Cyprus. Established in

1961, ICPAC currently has more than 5.500 professional accountants

as members and 3.500 students. ICPAC houses all professional

accountants, supports and promotes the activities and interests of the

accountancy profession, safeguards the reputation of the profession

and adherence to the Code of Ethics, as well as provides for the

continuous professional development and updating of members. In

addition, ICPAC is also a competent authority under the Anti-Money

Laundering law, the laws on the Regulation of Enterprises Providing

Administrative Services and the Insolvency Practitioners Law, as well

as one of the primary stakeholders of the economy of the country.

11 Byron Avenue, CY-1096, Nicosia - Cyprus

Contact: Kyriakos Iordanou

– General Manager

(+357) 22 870 030

info@icpac.org.cy

www.icpac.org.cy

BANKING

PANICOS NICOLAOU


BANK OF CYPRUS PLC

Established in 1899, Bank of Cyprus is currently the leading

banking and financial services Group in Cyprus, operating 64

branches in Cyprus and representative offices in Russia, Ukraine

an China. The Bank is the only financial institution in the region

that is concurrently regulated by three different corporate

governance codes (UK Corporate Governance Code, Cyprus

Stock Exchange Corporate Governance Code and Central Bank

of Cyprus Internal Governance Directive) and in four different

European jurisdictions (Cyprus, Ireland, the UK and the EU).

Through the Wealth Services Division we offer a wide range of

investment products and specialized services, including Private

Banking, Affluent Banking, Institutional Wealth & Custody,

Brokerage & Asset Management as well as Investment Banking.

51 Stassinou, 2002 Strovolos,

Nicosia - Cyprus

Contact: Emilios Tannousis -

Manager Wealth Management

(+357) 22 128 000

info@bankofcyprus.com

www.bankofcyprus.com


89


BANKING

LOUCAS MARANGOS

CEO

CDBBANK (THE CYPRUS DEVELOPMENT

BANK PUBLIC COMPANY LTD)

Founded in 1963, cdbbank (Cyprus Development Bank) is today one

of the country’s leading niche financial institutions dedicated to

satisfying the needs of domestic and international clients. cdbbank

offers a wide range of specialised financial services and products,

designed to accommodate the sophisticated requirements of its

clientele which consists of corporate and institutional clients and

high net worth individuals. The Bank’s vision is to be the reference

Bank for businesspeople. Relying on its long-term experience and

high level of expertise, cdbbank aspires to establish long-term

relationships of trust with its clients, always delivering excellence

and value.

50 Arch. Makarios III Ave.,


Contact: Liza Philippou - Head, Network

Business and Communication

(+357) 22 846 500

info@cdb.com.cy

www.cdb.com.cy

BANKING

MICHALIS LOUIS

CEO

EUROBANK CYPRUS LTD

Since the commencement of our operations in August 2007,

we have achieved impressive growth rates, while consistently

demonstrating healthy profitability, as well as, a strong capital

base and liquidity position. We currently operate a network of eight

Banking Centers across the island. With tailor-made products and

services based on our clients’ needs, our business model sets us

apart from our competitors, focusing on the areas of Corporate

Banking, Wealth Management, International Business Banking,

Shipping, Global Markets and Affluent Banking.

28, Spyrou Kyprianou Avenue,

1075 Nicosia, P.O Box 27236,


(+357) 22 208 000

info@eurobank.com.cy

www.eurobank.com.cy

BANKING

KHALIL LETAYF

CEO

SOCIETE GENERALE BANK – CYPRUS

Societe General Bank – Cyprus (SGBCy) draws on more than thirty

years of accumulated experience in global banking in Cyprus as

well as all the advantages of being part of an international Group.

The bank is present in the most important big cities in Cyprus:

Nicosia, Limassol and Larnaca. SGBCy activities are organized

around private banking, corporate banking and international

businesses. Banking services encompass a wide range of

diversified, standard and tailor-made services that are conceived

to answer the broadest range of customers’ needs. The bank

pursues long-term relationships with its high net worth and

corporate customers in order to meet fully their expectations.

88 Dighenis Akritas & 36 Kypranoros

Street, 1061 Nicosia - Cyprus

Contact: Hovik Arslanian -

Assistant General Manager

(+357) 80 007 777

Hovik.Arslanian@sgbcy.com

www.sgcyprus.com

CONSULTING

CHARLES ELLINAS

CEO

E-CNHC – E-C NATURAL HYDROCARBONS COMPANY LTD

The company provides advisory, project management and

consultancy services in the oil & gas and energy sectors and aims

to contribute to the successful development of these Sectors for

the future of Cyprus. The CEO has over 35-years international

experience in promoting and developing oil & gas business and

projects spanning Europe, Asia and Africa. We can assist our clients

in developing their business in Cyprus, evaluating opportunities

and providing in depth professional advice and support.

11 Tyrtaiou Street, 1087 Nicosia - Cyprus

Contact: Dr Charles Ellinas - CEO

(+357) 97 705 060

Charles.ellinas@yahoo.com

www.e-cnhc.com


90


CONSULTING

PANAYIOTIS GREGORIADES

CEO & DIRECTOR

PIVOT CONSULTANTS (CYPRUS) LIMITED

We are a leading contributor of simplified, nimble integrated,

customized solutions, Cross-border Business transactions and

strategies in Asia and Europe. Deep well recognized local expertise

with Global connectivity and vision form part of the solutions

we deliver to entrepreneurs and Government clients looking

for substance in Financial services Industry, Capital markets,

Taxation, Corporate advisory and Investment funds Industry. Our

insights assist you to be more proactive, effective and profitable

especially in fast growing India, Greece and Cyprus. We are

committed to providing best in class service, compliant and

transparent solutions, with increased focus on localization and

developing local markets.

PIVOT, member of TSSAG

88 Markarios III Avenue


Contact: Panayiotis Gregoriades

The - CEO & Director

(+357) 22 731 002

The Securities Services Advisory Group

pgregoriades@pivotcyprus.com

www.pivotcyprus.com

CORPORATE SERVICES

EVDOKIA STAVRAKI

DIRECTOR

ALTER DOMUS (CYPRUS) LTD

Alter Domus is a fully integrated service provider dedicated to

private equity, infrastructure, real asset, and debt capital markets

sectors. Our 3,600 employees across more than 35 offices in 20

countries provide end-to-end solutions to alternative investment

managers, freeing up time for them to focus on their core activities

of sourcing capital and executing deals. Our local team in Cyprus

works diligently to help clients meet their growing regulatory

obligations and keep up with increasing investor demands.

Offering fund administration, corporate services, transfer pricing,

and domiciliation services, you can rely on our on-the-ground

expertise to help you take advantage of opportunities as they arise.

11 Limassol Avenue, Galatariotis Building,

2112, PO Box 27282, 1643 Nicosia - Cyprus

Contact: Evdokia Stavraki - Director

(+357) 22 465 151

Evdokia.Stavraki-Stephanou@

alterdomus.com

www.alterdomus.com

CORPORATE SERVICES

NAKIS KYPRIANOU

MANAGING PARTNER

ANDERSEN

Andersen in Cyprus is the Cypriot member firm of Andersen

Global®, an international association of member firms comprised

of tax and legal professionals worldwide. Andersen Cy is a

regulated accounting firm based in Nicosia providing a wide range

of professional services mainly to international clients. The firm

is a member of the Institute of Certified Public Accountants of

Cyprus and the Cyprus VAT Association. With worldwide presence

through the member firms and collaborating firms of Andersen

Global, client service and solutions are coordinated seamlessly

between service lines and locations to ensure clients receive bestin‐class,

comprehensive solutions.

140 Athalassas Avenue,


Contact: Nakis Kyprianou

- Managing Partner

(+357) 22 456 333

nakis.kyprianou@cy.Andersen.com

cy.Andersen.com

CORPORATE SERVICES

MARINA ZEVEDEOU

CO-FOUNDER AND CEO

ASPEN TRUST GROUP

The Aspen Trust Group is a leading corporate service and financial

planning provider; established in 1998 and licensed by ICPAC, our

Group provides International Structuring and Tax Management

solutions to Corporates and High Net Worth Individuals. Specific

services include entity setup and management, legal and

administration support, banking and tax compliance, financial

management and restructuring, re-domiciliation, patent

registration, residency and citizenship, cross- border mergers,

family office services and headquartering. We build long term,

trusted relationships with clients and associates, aiming to add

value to their businesses and be part of their success stories. Our

team consists of qualified accountants, lawyers and MBA-holders

who undergo rigorous training to provide tailor-made solutions.

77 Limassol Avenue

Elia House, Nicosia 2121 - Cyprus

Contact: Marina Zevedeou -

Co-founder and CEO

(+357) 22 418 730

marina.zevedeou@aspentrust.com

www.aspentrust.com


91


CORPORATE SERVICES

ANDREAS ATHINODOROU

CEO

ATG CORPORATE SERVICES

‘Creating Protecting and Growing Wealth’: We offer a

comprehensive range of services that include initial structuring

advice, company/trust formation, corporate administration, legal

and company secretarial, tax compliance, accounting and financial

reporting. As our clients’ trusted service partner, we act as a single

contact point for their structure’s needs and centrally coordinate

all parties including the shareholders and directors, banks, legal

advisers and others. Our Cyprus solutions include the IP box, EU

headquartering, tech/crypto-asset solutions and international

trusts/foundations. ATG Corporate Services is a member of the

Athina Trust Group offering financial services that include Fund

and Private Wealth services to high-net-worth individuals, fund

managers/promoters.

KEMA Bldg, 5th Floor East,

21 Akademias Avenue, 2107,


Contact: Andreas Athinodorou - CEO

(+357) 22 057 560

andreas.athinodorou@atgcorporate.com

www.atgcorporate.com

CORPORATE SERVICES

ANDREAS HADJIMICHAEL

CEO

EXECUTIVE BUSINESS CONSULTANTS LTD

Executive Business Consultants Limited is an international

Fiduciary and Family Office Service Firm based in, and operating

out of, Larnaca, Cyprus. It is a fully independent and privately

owned service firm having its roots established since 1987. EBC

operates under a boutique style concept, providing specialized

and tailor-made solutions and services to High-Net-Worth

Individuals and their corporate structures. Since its existence

EBC has managed to develop and build strong business links with

both local and international Financial Institutions, and other

professionals together creating a strong worldwide network of

reputable and trusteed associates working together as a team

to provide our clients the knowledge and expertise required for

satisfying their needs.

Simou Menardou 8, Ria Court 8, 4th Floor,

Office 402, 6015 Larnaca - Cyprus

PO. Box 42633, 6051

Contact: Andreas Hadjimichael - CEO

(+357) 24 823 999

andreas@executive.com.cy

www.executive.com.cy

CORPORATE SERVICES

ISAVELLA EVRIPIDOU

CEO/FOUNDER

GFSC GLOBAL

GFSC Global is a leading Corporate and Legal Group of Companies

Licensed and Regulated Worldwide. Since our establishment,

GFSC Global assists with a full range of corporate, legal, financial,

licensing, gaming, crypto, ico/sto, blockchain, immigration, tax

advice, accounting, banking and administration services across

the world. Our services are offered in more than 70 jurisdictions,

including advising, planning, formation and incorporation as

well as management of international structures, full licensing

and post-licensing supports. Through our Licensed Service

Providers, professional Consultants and Tax Advisors, we assist in

choosing the most convenient jurisdictions, subject to your needs,

operations and business intentions. GFSC GLOBAL is a member

with CYFA, CIA, ACAMs, IIA, CIFA and many other associations.

Agias Zonis 22A, Iakovou center,

Office 101, 3027, Limassol - Cyprus

Isavella Evripidou – CEO/Founder

(+357) 25 269 400

Evripidou.i@gfscglobal.com

www.gfscglobal.com, www.gciecorp.com

CORPORATE SERVICES

SARA GUNNERVIK

MANAGING PARTNER

KENDRIS (CYPRUS) LIMITED

KENDRIS is your Swiss partner in Cyprus for family office,

trust and fiduciary services, international tax and legal advice,

accounting, outsourcing, aviation advisory and art management.

KENDRIS is fully owned and operated by its management and

employees. KENDRIS Group employs around 180 specialists,

and our clients comprise companies, individuals, and families

as well as family offices, financial institutions, law firms and tax

consultancies. We offer our clients tailored solutions to help them

achieve their objectives. Our strong presence and our specific

know-how in various sectors and markets make us an expert

and reliable partner for corporate clients, private clients, and

institutional clients.

Spyrou Kyprianou 50, Irida 3

12th Floor, Larnaca 6057 - Cyprus

Contact: Sara Gunnervik –

Office Managing Partner

(+357) 24 631 300

s.gunnervik@kendris.com

www.kendris.com


92


CORPORATE SERVICES

STAVROS PAVLOU

CEO

PAGECORP GROUP

Pagecorp Group is a leading provider of corporate,

administration, secretarial and other related services based

in Cyprus, with a worldwide network of professional affiliates.

Licensed by the Cyprus Securities and Exchange Commission

(CySEC) and with over 20 years of experience in the fiduciary

and corporate services sector, the Group advises major local

and international organizations, institutions and groups, as

well as start-ups and entrepreneurs on all aspects of their

corporate needs, including relocating/headquartering in Cyprus.

Furthermore, the legal consultants, company administrators,

accountants and support staff of the Group can assist clients on

all matters relating to Cyprus International Trusts, international

tax planning, accounting, financial advisory, tax administration

and other related services.

334 Agiou Andreou & Eleftheriou Venizelou

corner, Vashiotis Business Centre, Ground

floor offices, 3035 Limassol - Cyprus

Contact: Stavros Pavlou - CEO

(+357) 25 878 866

info@pagecorpgroup.com

www.pagecorpgroup.com

CORPORATE SERVICES

GEORGE AYIOMAMITIS

MANAGING DIRECTOR

SOVEREIGN GROUP - CYPRUS

Sovereign is a leading independent provider of corporate,

private client and retirement planning services. Currently

managing over 20,000 structures for a wide variety of clients –

companies, entrepreneurs, private investors or high net worth

individuals (HNWIs) and their families – and have assets under

administration in excess of £20 billion. As an international

provider with a presence in over 20 jurisdictions around the

world, Sovereign is dedicated to offering integrated advice,

products and services to internationally mobile businesses

and people that have sophisticated and often complex needs.

Sovereign assist them to generate, structure and protect their

income and assets in the most efficient way.

16 Herodotou Street,

Limassol, 3095 - Cyprus

Contact: George Ayiomamitis

- Managing Director

(+357) 25 733 440

cy@SovereignGroup.com

www.SovereignGroup.com

CORPORATE SERVICES

ANDREAS MERCOURI

MANAGING DIRECTOR

TRIDENT TRUST COMPANY (CYPRUS) LIMITED

Founded in 1978, the Trident Trust Group is one of the largest

independent global providers of corporate, trust, fund, marine and

fiduciary services. With presence in more than 24 Jurisdictions

ensures access to a range of services that extends from traditional

corporate domicile representation to the administration

of complex trust and fund structures. Trident Trust Cyprus

established its presence over 25 years ago, is regulated by the

Cyprus Securities and Exchange Commission, and is today one

of the largest members of the local financial services industry,

employing over 80 professionally qualified staff.

Griva Digeni 115, Trident Centre


Contact: Andreas Mercouri -

Managing Director

(+357) 25 820 650

cyprus@tridenttrust.com

www.tridenttrust.com

CORPORATE SERVICES

NICK TERRY

MANAGING DIRECTOR

VISTRA (CYPRUS) LTD

At Vistra, we believe your business and your people can make a

difference in the world. That’s why our work is focused on helping

our clients act with confidence and speed to seize opportunity

wherever it arises. As a global corporate service provider and

fund administrator with more than 5,000 professionals in over 45

jurisdictions, we empower legal entities globally to work smarter,

grow faster, act responsibly, protect capital and scale across

borders — by doing what we do best: reducing risk and enhancing

efficiency. Discover how we can help you and your business seize

opportunity today by exploring our services at vistra.com.

2nd Floor Sotiri Tofini 4

Agios Athanasios, 4102 Limassol - Cyprus

Contact: Nick Terry - Managing Director

(+357) 25 817 411

Nick.Terry@vistra.com

www.vistra.com


93


ECONOMIC ANALYSIS

FIONA MULLEN

DIRECTOR

SAPIENTA ECONOMICS LTD

Sapienta Economics is a Nicosia-based economic consultancy

producing top-level analysis primarily on Cyprus for a range

of prestigious clients, including banks, oil/gas majors, big four

accounting firms and over a dozen embassies. Our services

include bespoke consultancy and the monthly Sapienta Country

Analysis Cyprus. Each month we take an in-depth look at prospects

for political stability, government effectiveness, a resolution of the

Cyprus problem, structural policies including natural gas, fiscal

performance, debt sustainability, banking sector stability and the

latest economic trends. No other organization offers such breadth

and depth of inter-related issues. Sapienta Economics and its

Director Fiona Mullen are independent, with no political ties in

Cyprus or abroad and no investment in Cyprus shares or bonds.

Tenedou 7, No 401, Lykavitos,

CY1055 Nicosia - Cyprus

Contact: Fiona Mullen - Director

(+357) 99 338 224

fiona.mullen@sapientaeconomics.com

www.sapientaeconomics.com

ENERGY

DEMETRIS C. FESSAS

ACTING DIRECTOR GENERAL

CYPRUS HYDROCARBONS COMPANY (CHC)

CHC is the National Oil and Gas Company of Cyprus. As a stateowned

company, CHC undertakes the commercial management

of the ownership rights of the Republic of Cyprus that arise from

the contracts with which it has entered into with oil and gas

companies within its Exclusive Economic Zone. The vision of

CHC is aligned with that of the Government of Cyprus, which is

to ensure the sustainable development of hydrocarbon resources

present in the Exclusive Economic Zone of the Republic of Cyprus,

in order to maximize the benefits for Cypriot society and future

generations.

53 Strovolou Avenue, Victory Building,

2018 Strovolos, Nicosia - Cyprus

Contact: Demetris Fessas –

Acting Director General

(+357) 22 203 880

d.fessas@chc.com.cy

www.chc.com.cy

EXECUTIVE EDUCATION

MARIOS SIATHAS


EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF)

The EIMF is an accredited and licensed Education Group that

offers learning and development opportunities, including

Global Qualifications, across an array of areas. EIMF possesses

a strong concentration within the areas of financial and

professional services (regulation, compliance, AML, banking,

funds), accounting, legal, management, as well as Information-

Technology through its New Horizons Computer Learning Centers.

Knowledge is delivered by established subject-matter experts,

through classroom, Live Online, eLearning and customized

learning solutions. With a presence in London, Brussels, Frankfurt,

Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, Sofia, Dublin and

Bucharest and over 5,000 students annually, 330+ programmes,

60+ instructors and 25 international Certifications, make the EIMF

a leader in the field of vocational education in the wider region.

25 Megaron Street, 2032 Strovolos


Contact: Marios Siathas -

Chief Executive Officer

(+357) 22 274 470

msiathas@eimf.eu

www.eimf.eu

FINANCIAL ADVISORY

DEMETRIS TAXITARIS


MAP S.PLATIS GROUP

MAP S.Platis Group is a leading financial services consulting Group

with clients that include regulators, banks, funds and fund managers,

investment firms, brokers, fintech firms, insurance firms and payment

and electronic money institutions. Our expert team, currently

comprising over 400 high-calibre professionals, provides unique

and tailored solutions in licensing, regulatory compliance, risk management,

internal audit, human resources, regulatory technology,

information technology, business resilience, information security

including cybersecurity, governance, executive training and innovation

consulting to financial and other firms in the UK, Cyprus and the

EU. Thanks to our vast regulatory compliance experience, continued

interaction with regulatory authorities, unparalleled track record,

global network of associates and wealth of resources, our team can

support any client’s regulatory needs efficiently and effectively.

74 Archiepiskopou Makariou C, Floors 2-3,

Mesa Geitonia, 4003, Limassol - Cyprus

Contact: Herodotos Michael - Senior

Manager, Authorisations and Regulatory

Business Development (+357) 25 351 335

info@mapsplatis.com

www.mapsplatis.com


94


FUND ADMINISTRATION

ANDREAS ATHINODOROU

CEO

ATG FUND SERVICES

‘Creating Protecting and Growing Wealth’: We offer a

comprehensive range of services including initial fund structuring

advice, licensing, fund set up, fund management support, fund

administration/back-office, registrar transfer agent services, NAV

and regulatory reporting. As our clients’ trusted service partner

we act as a single contact point for their structures, centrally

coordinating all fund parties including the fund manager,

investors, depositary and the regulator. Our clients are Cyprus,

Cayman Islands and BVI funds that invest in liquid securities,

private equity, real estate, shipping and crypto assets. ATG Fund

Services is a member of the Athina Trust Group offering financial

services that include Corporate and Private Wealth services to

high-net-worth individuals and corporates.

KEMA Bldg, 5th Floor East,

21 Akademias Avenue, 2107,


Contact: Andreas Athinodorou - CEO

(+357) 22 057 570

andreas.athinodorou@atgfunds.com

www.atgfunds.com

FUND MANAGEMENT

NIKOLAS CHARALAMBOUS

CEO

INVEQO FUND MANAGEMENT LTD

Inveqo Fund Management Ltd (INVEQO) is an Alternative

Investment Fund Manager, authorised and supervised by the

Cyprus Securities and Exchange Commission (CySEC) with

license number AIFM32/56/2013. The team brings together

several years of experience in fund and investment management

services in various jurisdictions such as the United Kingdom,

Malta, Luxembourg and Cyprus. INVEQO provides a range of

services, including portfolio management, risk management,

administration, fund set-up, licensing and registration, and

other fund related services. Our mission is to create value for our

investors, clients and associates by demonstrating principled

industry leadership, offering high-quality services, and innovative

solutions.

16 Navarinou Street, Agios Andreas

CY-1100, Nicosia - Cyprus

Nikolas Charalambous - CEO

(+357) 22 666 500

info@inveqo.net

www.inveqo.net

FUND MANAGEMENT

MARIA PAPAKOKKINOU

EXECUTIVE DIRECTOR

IXI INVESTMENTS

IXI Investments is authorized by CySEC as an Alternative

Investment Fund Manager, focused on achieving capital growth

with relatively low drawdowns and low correlation and by actively

managing exposures in the G10 currencies and gold. IXI applies a

robust in-house developed investment process and an efficient

execution framework that allows it to tap into the FX market in a

timely and systematic manner, from the signal generation stage

to trades execution. IXI employs sophisticated computational

systems for its trading and execution algorithms which implement

advanced quantitative, mathematical, and statistical models.

Syntagmatos Square, Old Port, Building X1,

1ST Floor, 3042 Limassol - Cyprus

Contact: Maria Papakokkinou - COO

(+357) 25 262 669

info@ixi.com

www.ixi.com

FUND MANAGEMENT

ANDREY NARUTSKIY

MANAGING DIRECTOR, CEO

LEON MFO INVESTMENTS LTD

Leon MFO Investments Ltd is an Alternative Investment Fund

Manager authorized and regulated by CySEC (license number

AIFM 37/56/2013). The firm provides discretionary portfolio

management, fund management and investment advice. Total

assets under management exceed $800mln. Recently, Leon

launched two funds which are addressed to professional and wellinformed

investors: a) LEON Income Fund RAIF VCIC PLC and b)

LEON Global Hedge Fund RAIF VCIC PLC.

37, Theklas Lisioti, Gemini House,

Office 301, CY-3030, Limassol - Cyprus

Contact: Andrey Narutskiy -

Managing Director, CEO

(+357) 25 268 120

leonmfo@leonmfo.com

www.leoninvestments.com.cy


95


FUND MANAGEMENT

GEORGE W. SAMS

CEO

WEALTH FUND SERVICES LTD

Wealth Fund Services Ltd is a global advisory and asset

management company, based in Cyprus and licensed by

CySEC (Cyprus Securities & Exchange Commission) as an AIFM

management company with license No 6/78/2012. It operates

in the field of setting-up, running and managing UCITS Mutual

Fund, Registered Alternative Fund (RAIF) and Alternative

Investment Fund (AIF) in line with the recent EU Directive which is

implemented by the Cypriot legislation. It also offers Discretionary

Asset management and Advisory services to HNI and Institutional

clients. The primary goal of the Company is the protection of the

assets under management remaining focused on achieving high

return yields and providing top quality services to its investors.

Kennedy 12-14, Kennedy Business Center

Office 305, 1087, Nicosia - Cyprus

Contact: George Sams - CEO

(+357) 22 755 506-07

info@wealthfs.com.cy

www.wealthfs.com.cy

INVESTMENT PROMOTION

EVGENIOS EVGENIOU

CHAIRMAN

INVEST CYPRUS

Invest Cyprus (Cyprus Investment Promotion Agency) is the

investment authority of the Government of Cyprus dedicated to

attract and facilitate foreign direct investment into the country.

In close collaboration with all governmental authorities and

public institutions, as well as the private sector, Invest Cyprus is

the country’s lead agent in establishing Cyprus as a world-class

destination for international business activity and investments.

Invest Cyprus’ mandate is to raise awareness of Cyprus as a

destination for FDI across the globe, providing certainty around all

aspects of operating a business in Cyprus and supporting potential

investors in developing their business case for investment into the

country.

9 Makariou III Avenue,

4th Floor, 1065 Nicosia - Cyprus

(+357) 22 441 133

info@investcyprus.org.cy

www.investcyprus.org.cy

INVESTMENT SERVICES

JOHNY ABUAITAH

CEO

WINDSOR BROKERS LTD

Windsor Brokers was established in Limassol Cyprus with roots

dating back to 1988. The Company was the first Cypriot Investment

Firm of its type to be licensed and regulated by the Central Bank

of Cyprus, and by 2004, it was regulated by the Cyprus Securities

and Exchange Commission. Our company’s mission is to empower

people in the pursuit of their financial goals. For over three

decades, we have remained committed to serving investors who

place security, integrity, and reliability at the forefront of their

investment goals.

Windsor Brokers Business Center,

Spyrou Kyprianou 53, Mesa Geitonia


Contact: Jabra Serieh - Director of Marketing

(+357) 25 500 700

Jabra.Serieh@WindsorBrokers.eu

www.windsorbrokers.eu

LAW FIRM

ANGELOS G. PAPHITIS

MANAGING PARTNER

A.G.PAPHITIS & CO. LLC

AGP & Co is a highly reputable, leading, dynamic and award

winning Law Firm. Our reputation for excellence is recognized

worldwide. Based in Cyprus with strong international presence

and a full service office in the UAE, we serve our clients as a team,

with a common focus on innovation, efficiency and agility. We

provide full service Legal, Corporate, FS Advisory & Regulatory

Compliance/AML, Crypto Licensing, Tax, Immigration, Relocation

and Real Estate services. AGP & Co consists of the following main

departments: Dispute Resolution; Corporate/Commercial; FS

Advisory & Regulatory Compliance; Real Estate & Immigration;

Tax-Accounting-Audit. Delivering excellent client service that

benefits from long and lasting relationships, we are dedicated to

providing our clients with superior results.

“AGP Chambers”, 84 Spyrou

Kyprianou Avenue,


Postal Address: P.O.Box 58419,


Contact: Angelos G. Paphitis

- Managing Partner

(+357) 25 731 000

angelos.paphitis@agplaw.com

www.agplaw.com


96


LAW FIRM

AGNI LIVERA

MANAGING DIRECTOR

AGNI LIVERA LLC

Agni Livera LLC is a highly experienced and fully serviced law firm,

based in Nicosia, Cyprus. Agni Livera LLC offers a complete array

of legal services specialising in the areas of Banking & Finance,

Company law, Insurance law, Debt Collection, Employment law,

Intellectual Property, Fund services, Regulatory and Compliance

services as well as a full range of Fiduciary services. Following

a client centric approach, the firms’ high-caliber lawyers are

equipped to accommodate all your legal needs, offering the

highest level of service and advice applicable in a fast and costefficient

way, always operating with discretion, professionalism,

integrity and transparency.

1-3 Bouboulinas Street, Bouboulina

Building, 3rd Floor, Office 34,


Contact: Agni Livera – Managing Director

(+357) 22 552 733

agni@liveralaw.com

www.liveralaw.com

LAW FIRM

LORENZO TOFFOLONI

PARTNER

ANDREAS TH. SOFOKLEOUS LLC

With nearly 40 years of experience, Andreas Th. Sofokleous

LLC is a dynamic and modern boutique law firm. Andreas Th.

Sofokleous LLC has been ranked on top-notch legal directories

(such as Chambers and Partners) and received accomplishments

from different organizations. The firm specializes in private client

matters and corporate law (including cross border transactions). It

regularly advises high net worth individuals on a range of matters,

including tax planning, inheritance and asset management.

2, Agapinoros Street & Makariou III,

IRIS TOWER, Offices 403-405,

1076, Nicosia - Cyprus

Contact: Lorenzo Toffoloni - Partner

(+357) 22 763 601

info@aslaw.eu

www.aslaw.eu

LAW FIRM

ANTONIS PASCHALIDES

SENIOR PARTNER: HEAD OF

ENERGY LAW DEPARTMENT

ANTONIS PASCHALIDES & CO LLC

Antonis Paschalides & Co LLC is a boutique, medium-size law firm

based in Nicosia that has provided legal services on a local and

international level for over 40 years. The Firm has associates in

UK, Russia, Greece and France. The trust of clients and associates

in the high quality of work provided by the Firm is reflected on

the projects in which it is involved, and which include some of

the biggest investments ever made in Russia and Eastern Europe.

Main areas of practice: Mergers & Acquisitions, Corporate Law,

Banking, Civil & Commercial litigation, Family Law, Conveyance &

Estate Planning.

Makariou & Ayias Elenis 36,

Galaxias Building, 5th floor, Office

502, 1061 Nicosia - Cyprus

Contact: Lila Kartelia, Head of

Litigation Department

(+357) 22 661 661

l.kartelia@paschalides.com

www.paschalides.com

LAW FIRM

ARETI CHARIDEMOU

FOUNDER

ARETI CHARIDEMOU & ASSOCIATES LLC

Areti Charidemou & Associates LLC was established in 1990 with

a vision of being committed to excellence while creating a wellrespected

diverse portfolio of international clientele. Our areas

of expertise range from Property Law to Trust Law, Company

Law, Mergers and Acquisitions, Tax and Estate Law and Shipping

Law. Our knowledgeable professionals provide legal services in

a variety of issues including buying properties and investing in

Cyprus or abroad, advice on the optimum tax structure based

on the individual circumstances, incorporate companies in

Cyprus or abroad, support the operation of the companies after

the incorporation, provide nominee services if required, etc.

Our objective is to ensure that our clients, whether these are

individuals, small business entities or large organizations, benefit

from the best of legal advice.

Vasili Michailidi 21-23,


Contact: Areti Charidemou - Founder

(+357) 25 508 000

info@aretilaw.com

www.aretilaw.com


97


LAW FIRM

ELENI TZIONI

MANAGING DIRECTOR

E. TZIONI & ASSOCIATES LLC

E. Tzioni & Associates LLC is a fastly growing boutique law firm

based in Nicosia, Cyprus. With its innovative and flexible approach,

E. Tzioni & Associates LLC delivers the most efficient, complete

and optimum quality service available today. E. Tzioni & Associates

LLC takes the pride of covering a wide area of knowledge and

expertise possessing strong legal background and experience in

corporate and commercial matters, with a special emphasis on

mergers and acquisitions, banking and finance, joint ventures

and international, cross-border transactions and start-ups as

well as litigation matters. Our practice further possesses a robust

background in alternative investment funds and other regulated

entities, providing full services ranging from the set up to creation

and functioning.

7 Dositheou Street, Para Building,

Block A, Office 001, 1071 Nicosia - Cyprus

Contact: Eleni Tzioni - Managing Director

(+357) 22 932 293

info@tzionilaw.com.cy

www.tzionilaw.com.cy

LAW FIRM

ELIAS NEOCLEOUS

MANAGING PARTNER

ELIAS NEOCLEOUS & CO LLC

Award-winning Elias Neocleous & Co LLC is the largest law firm

in Cyprus and one of the top law firms in south east Europe. With

more than 150 lawyers and other professionals based in offices

in Cyprus, Brussels, Budapest, Kiev and Prague we offer a valueadded

service which is second to none. We are dedicated to

diversity in recruitment and to retaining experienced specialists

in every practice area. Combined with our investment in IT and

knowledge management infrastructure, this means we are able

to tackle the largest and most demanding national and crossborder

assignments. Elias Neocleous and Co LLC is professional,

responsive, innovative, and represents the legal practice of the

future.

Neocleous House, 195 Makarios Avenue,

P O Box 50613, Limassol CY 3608 - Cyprus

Contact: Elias Neocleous - Managing Partner

(+357) 25 110 110

info@neo.law

www.neo.law

LAW FIRM

GEORGE Z. GEORGIOU

MANAGING PARTNER

GEORGE Z. GEORGIOU & ASSOCIATES LLC

George Z. Georgiou & Associates LLC is a full-service Cypriot

law firm with offices in Nicosia and Limassol. It consists of

approx.70 lawyers, arbitrators, legal consultants and support

staff and is ranked in the main international legal directories:

Chambers & Partners, Legal 500 and Who’s Who Legal. The

Firm’s specialist departments include: Arbitration • Banking &

Finance • Commercial • Corporate (incl. M&A) • Data Protection •

Employment & Pensions • Estate Planning • EU Law • Family Law •

Intellectual Property & Media • Litigation (Cyprus & International)

• Private Client • Probate • Property & Construction • Regulatory

& Compliance • Tax • Tech. As the sole Cypriot member of the

international law alliances Ius Laboris and GALA, it is able to

provide any client with prompt, fully-coordinated, yet locally

specific advice from countries across the globe.

Head Office: 1 Iras Street,


(+357) 22 763 340

admin@gzg.com.cy

www.gzg.com.cy

LAW FIRM

LEANDROS PAPAPHILIPPOU

MANAGING PARTNER

L PAPAPHILIPPOU & CO LLC

L Papaphilippou & Co LLC was founded in 1963. Through constant

and consistent work, it is now one of the leading and most

respectable law firms in Cyprus. The firm quickly established

strong presence in the fields of corporate and shipping law,

litigation, banking and finance, wealth management and

immigration, thus achieving good cross-border reputation, which

led to the development of a concrete international professional

network and client base. Our list of clients includes regulatory

bodies, local and international banking and financial institutions,

insurance, shipping and listed companies, multinationals and

high net worth individuals.

17 Ifigenias Street, 2007 Strovolos,


Contact: Leandros Papaphilippou

- Managing Partner

(+357) 22 271 000

info@papaphilippou.eu

www.papaphilippou.eu


98


LAW FIRM

NICKY XENOFONTOS

FOUNDER, MANAGING

PARTNER

N. XENOFONTOS LLC LAW FIRM

N. Xenofontos LLC is a specialist, boutique business centric law

firm, servicing both private clients and businesses. In providing

our specialised services we deploy a collaborative workflow,

resulting in efficient and solid advice, experience, with agility.

Our specialist, tailored expertise ecompasses these core

services: Corporate Advisory; Corporate Secretarial / Corporate

Administration; Professional Fiduciary services; Trusts / Estate

Planning / Establishment and administration; M&A / Joint Ventures;

Intellectual Property; Insolvency, Bankruptcy and Restructuring;

Contractual; Legal Opinions; Compliance, AML , Regulatory and

Privacy law; Legal Training / Seminars / Webinars; Real Estate;

Employment; Immigration & Migration. Our philosophy is simple:

“Knowledge is of no use unless put into practice” - Anton Chekhov

4 Promitheos Street,

Executive Centre, 1st floor, office M01


Contact: Nicky Xenofontos –

Founder, Managing Partner

(+357) 22 25 20 77

nicky@xenofontosllc.com

www.xenofontosllc.com

LAW FIRM

STAVROS PAVLOU

SENIOR AND MANAGING

PARTNER

PATRIKIOS PAVLOU & ASSOCIATES LLC

Patrikios Pavlou & Associates LLC is a leading law firm in Cyprus.

With nearly 60 years of experience in the local and international

legal market, the Firm has developed distinguished expertise

in dispute resolution and ADR and a renowned legal consulting

department. The legal teams are constantly involved in some of the

largest cross-border banking, financial and corporate transactions

and handle complex litigation, arbitration and mediation matters.

In close cooperation with the associated Pagecorp Group, the

Firm provides its clients with a comprehensive range of corporate

and other related services. The Firm is highly recommended by

prestigious legal directories worldwide for its distinctive legal

services.

Patrician Chambers, 332

Agiou Andreou Street,


Contact: Stavros Pavlou - Senior

and Managing Partner

(+357) 25 871 599

spavlou@pavlaw.com

www.pavlaw.com

LAW FIRM

CELIA POURGOURA

PARTNER

POURGOURA & ASPRI LLC

We are a progressive commercial Law Firm, comprising of a team

of dynamic and highly specialised lawyers with diverse academic

and professional backgrounds. Our paramount objective is to offer

the highest level of professional and personalised service to the

client, yet in a quick, efficient and affordable manner. Our mission

is to establish ongoing and long term relations with our clients

through commitment, specialisation and by offering tailor made

professional service by directing each client’s needs in a personal,

individual way. By choosing to work with us you are assured to

be provided with a complete all round solution regarding your

business affairs, as we maintain close relations with a vast number

of related disciplines in other cities and overseas.

33 Klimentos Street, Office 401,


Contact: Vasiliki Pourgoura

(+357) 22 460 831

celia.pourgoura@ca-advocates.com

www.ca-advocates.com

LAW FIRM

STELIOS AMERICANOS

MANAGING PARTNER

STELIOS AMERICANOS & CO LLC

Stelios Americanos & Co LLC is a full services, highly innovative

law firm with headquarters based in Nicosia, Cyprus and a

branch in Athens, Greece. It specializes in corporate, commercial

and banking law, corporate and commercial litigation, real

estate, financial advisory & regulation and blockchain legal

advisory. Stelios Americanos & Co LLC provides its services to

governmental organizations, international banking institutions,

public companies and multinational corporations. Moreover

Stelios Americanos & Co LLC has created close relationships with

reputable international legal and consulting firms and is, thus,

able to assist clients with their cross-border transactions and

needs. Today, Stelios Americanos & Co LLC is considered one of the

leading law firms in Cyprus in the areas of its specialty.

12, Demostheni Severi Av.

Office 601, 6th Floor 1080 Nicosia - Cyprus

Contact: Stelios Americanos

- Managing Partner

(+357) 22 465 500

stelios@americanoslaw.com

www.americanoslaw.com


99


NON PROFIT

MARIA MARKIDOU

GEORGIADOU

MANAGING DIRECTOR

CYPRUS SEEDS

Cyprus Seeds is a non-profit organization with the mission to

support the commercialization of innovative academic research

in Cyprus. To achieve its objectives, Cyprus Seeds offers an

annual 12M program to a small number of scientific teams whose

projects give breakthrough solutions to world problems from any

area, including health, environment, and art. In addition to grants,

it offers mentoring, business skills training, and networking

with investors. Cyprus Seeds is funded through donations

from Foundations, corporations, and individuals in Cyprus and

abroad. Among the great achievements of Cyprus Seeds are the

signing for two option-to-be licensing agreements, the creation

of one start-up company, and the spinning out of the University

of Cyprus a solar energy research project.

Antinou 18, Strovolos,

Nicosia, 2034 - Cyprus

Contact: Maria Markidou Georgiadou

- Managing Director

(+357) 22 364 522

maria@cyprusseeds.com

www.cyprusseeds.com

REAL ESTATE

MICHALIS

HADJIPANAYIOTOU

CEO

CYBARCO DEVELOPMENT LTD

Cybarco is the leading luxury property developer in Cyprus. Part

of the prestigious Lanitis Group, Cybarco is behind many of the

island’s landmark projects, including Aphrodite Hills Golf Resort,

Akamas Bay Villas, Sea Gallery Villas, The Oval, Limassol Marina

and Trilogy Limassol Seafront. Cybarco is also responsible for

the exclusive sales of the luxury properties at Limassol Greens,

the most anticipated new golf resort in Cyprus. With over 75

years’ experience at the top of its industry, Cybarco has earned its

reputation for outstanding quality and dedicated customer care by

consistently delivering projects to the highest standards.

10 Tefkrou Anthia Street,

Dali Industrial Zone, 2540 Nicosia - Cyprus

Contact: Michalis Hadjipanayiotou - CEO

(+357) 22 741 300

info@cybarco.com

www.cybarco.com

REAL ESTATE

GEORGE IOANNOU

CEO

KORANTINA HOMES

With over 30 years of experience in developing some of the most

luxurious, high aesthetic, projects in Cyprus, Korantina Homes

has become the most reputable name in the development of

luxury and exclusive properties. Our company emphasizes

establishing long-lasting relationships with our clients by offering

personalized services. Our award-winning flagship luxury resorts,

Cap St Georges, Coral Residences and Soho Resort have attracted

exclusive clientele from every corner of the globe including several

celebrities and internationally renowned jet setters. Our group has

also expanded into the tourism & hospitality sector by developing

the deluxe 5-star Cap St Georges Hotel & Resort, and the 5-star

hotel located at Soho Resort.

Trikomou Str. 32, 8560

Pegeia Paphos, Cyprus

Contact: Melina Rafti – Business

Development Director

(+357) 26 623 536



REAL ESTATE

EVANGELIA ELIADOU

EXECUTIVE DIRECTOR

PAFILIA PROPERTY DEVELOPERS LTD

Pafilia is the largest privately-owned residential developer in

Cyprus, dedicated to delivering the best in concept, design,

quality and service. With a vast property portfolio and projects

in enviable locations throughout Cyprus and Greece, we offer

excellent investment opportunities and lifestyle orientated

homes. Pafilia is also the developer behind three groundbreaking

destination resorts, ONE – the tallest residential

seafront tower in Europe, NEO – a unique development of 4

towers on the Limassol seafront and Minthis - the islands most

exclusive leisure and lifestyle resort conveniently located in the

wine producing region of Paphos.

Pafilia House,

33 Nicodemou Mylona Street,

P.O. Box 60159, 8101 Pafos - Cyprus

Contact: Andrea Lindsay –

Group Marketing Manager

(+357) 26 848 800

info@pafilia.com

www.pafilia.com


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REAL ESTATE

SAVVAS KAKOS

CEO AND BOARD DIRECTOR

QUALITY GROUP

Quality Group is one of the leading investment and development

organizations in Cyprus and the Mediterranean, with over 30

years of experience, operating in numerous projects. The group

managed to transform from a traditional construction company

into a strong organisation by embracing the diversification that

the market had to offer. Through trusting the market, the group

managed to build a diversified client-based portfolio, providing

a variety of investment options. As a result, Quality Group has

evolved through four distinct fundamental pillars: Quality Property

Developments, Quality Hospitality, Quality Education, and Quality

Medical. Our commitment to a people-focused approach as well as

our uncompromising dedication to quality ensures that excellence

and client satisfaction is delivered.

41, Costantinou Paleologou str.

6036, Larnaca - Cyprus

(+357) 24 821 855

Info@qualitydevelopments.com


REAL ESTATE

MICHALIS

HADJIPANAYIOTOU

EXECUTIVE DIRECTOR

TRILOGY LIMASSOL SEAFRONT

Brought to life by a world-class collaboration of architects,

designers and developers, Trilogy is an exciting new beachfront

development in the heart of Limassol. Three landmark buildings

surrounding a bustling inner plaza, Trilogy is a place to live, work

and play. Its luxury apartments blend the aspirational dream of

high-end living, with the sophistication of urban cool. State-ofthe-art

offices also enjoy first-class services and uninterrupted

sea views from every window. Three distinct social areas offer

resident-only facilities for secluded leisure and relaxation, as well

as a lively public plaza that can be enjoyed and experienced by

everyone. Your story begins here…

341, 28th October Avenue


Contact: Yiorgos Georghiou - Sales Director

(+357) 25 362 800

info@trilogylimassol.com

www.trilogylimassol.com

RECRUITMENT

SOPHIE ARISTODEMOU

CO-FOUNDER

CAREERFINDERS RECRUITMENT SERVICES LIMITED

CareerFinders Recruitment Services Limited is one of Cyprus’

most well-respected and established providers of tailor-made

recruitment solutions to many of the largest and most well-known

local and international companies operating across the Island.

With offices in both Nicosia and Limassol, our highly experienced

team of recruitment professionals have the knowledge and

expertise to ensure that our clients receive the most suitable

and well-qualified candidates to suit their recruitment needs.

The industry sectors we service include Accounting/Audit, Legal,

Corporate/Fiduciary, Information Technology, Shipping, Oil & Gas,

Banking/Finance and many more. If you are a company seeking to

recruit the very best talent in Cyprus, please contact us today.

Head Office: 6th Floor, Athlos Building,

28 Nikis Avenue, Nicosia 1086 - Cyprus

Contact: Sophie Aristodemou - Director

(+357) 22 002 285

jobs@careerfinders.com.cy

www.careerfinders.com.cy

RECRUITMENT

STEVE SLOCOMBE

FOUNDER / DIRECTOR

GRS RECRUITMENT

With more than 17 years of presence and experience in Cyprus,

our expertise in the provision of Recruitment, Payroll, HR,

and Outplacements services is un-paralleled. By working in

partnership with our clients, we provide tailored services based

on a thorough understanding of each client’s circumstances

and needs. We specialise in: Permanent Recruitment Search &

Selection, Temporary Recruitment Services, Payroll Solutions,

Recruitment Process Outsourcing, Salary Benchmarking,

Outplacement and Psychometric Personality Assessment.

Our team consists of a highly capable team with international

experience and local knowledge.

Head office: Agathangelou Business Centre,

101 Gladstonos Street,

Limassol, 3032 - Cyprus

Contact: Steve Slocombe - Founder/Director

(+357) 25 342 720

jobs@grsrecruitment.com

www.grsrecruitment.com


101


RESEARCH INSTITUTION

PROF. COSTAS N.

PAPANICOLAS

PRESIDENT

THE CYPRUS INSTITUTE

The Cyprus Institute (CyI, www.cyi.ac.cy) is a world-class, nonprofit

research and educational institution with a strong scientific

and technological orientation. It is a regional Center of Excellence,

addressing issues of regional interest but of global significance,

with an emphasis on cross-disciplinary research and international

collaborations. Areas of research include Solar Thermal Energy

and Energy Storage, Climate and Environmental Research,

Technologies for Archaeology and Cultural Heritage, High-

Performance Computing, Simulation and Hyper-infrastructures.

CyI is also an accredited, degree-granting institution of higher

education that offers unique, high-quality Master’s and PhD

programs to select students from around the world, and provides

training for future researchers and scholars in partnership with

leading international universities.

20 Konstantinou Kavafi

2121 Aglantzia - Cyprus

Contact: Dr. Nicolas Jarraud - Assistant

Vice-President for Institute Affairs

(+357) 22 208 700

international.relations@cyi.ac.cy

www.cyi.ac.cy

WEB DEVELOPMENT

ALEX CONSTANTI

MANAGING DIRECTOR

IDEASEVEN DIGITAL

Ideaseven are a dynamic, enthusiastic online digital development

agency with over 17 years of experience. We focus on providing

global solutions in digital marketing, web & app development,

branding and design services. At ideaseven, we understand

that design and development requires continuous mutual

communication with our clients. Together, we can provide a

constantly productive and evolving project. We can help visualize

even the craziest ideas, converting them into elegant, awesome

experiences and catchy products. We have worked with a lot of

prestigious brands and have delivered award winning projects

throughout the years.

Pentadactylou 2, office 104,

6060, Larnaca - Cyprus

Contact: Alex Constanti – Managing Director

(+357) 24 823 832

info@ideaseven.com

www.ideaseven.com

THE CYPRUS TRADE CENTER (CTC)

The Cyprus Trade Centre (CTC) in the United Arab Emirates operates under the auspices of the Cyprus Ministry

of Energy, Commerce and Industry and it is the commercial and economic arm of the Embassy of the Republic of

Cyprus in the UAE and covers also some GCC Countries, such as Saudi Arabia. The main objective of CTC Dubai is to

enhance the export of Cyprus products and services and to establish, maintain and develop business relationships

between Cyprus and the UAE and GCC Countries by promoting, facilitating, and attracting foreign investment.

CORE ACTIVITIES

• Promoting Cypriot exports and services in Saudi Arabia and other GCC countries

• Organising business events, trade delegations and participation in trade fairs and exhibitions

• Identifying and promoting investment opportunities in Cyprus

• Providing information on Cyprus to Saudi Arabian and other GCC importers, businesses and investors

• Providing information to Cypriot businesses about opportunities in Saudi Arabia

CONTACT INFORMATION

Hamsah Building Block A, 2nd Floor,

Office no. 215, Khalid Bin Waleed Street,

Opposite UAE Ministry of Foreign Affairs,

PO Box 11294 Dubai

Contact: Fadi Al Shebli

T: +971 (4) 3575592

W: https://ctcdubai.org

E: cycentre@emirates.net.ae / info@ctcdubai.org

Embassy of the Republic of Cyprus Riyadh, Saudi Arabia

Contact: Christakis Demetriou

T: +966 (0) 11 460 22 03 • E: cdemetriou@mfa.gov.cy


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TheProfilerGroup

16, Elia Papakyriakou, Suite 101,

Engomi, 2415 Nicosia, Cyprus

cyprus@theprofilergroup.com

www.theprofilergroup.com

www.cyprusprofile.com

Doing Business in Cyprus (Saudi edition)

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